Cairo – Mubasher: Speed Medical Company announced that its subsidiary Speed Hospitals Company as well as local and foreign investors acquired 100% of the shares of the New Al Safwa Specialized Hospital Company in the 6th of October City in a deal worth EGP 185 million.

Speed Hospitals will hold a stake of 50% in New Al Safwa Specialized Hospital Company, while the remaining 50% will be owned by a group of investors whose shares are managed by Pharos Company for Portfolio Formation and Asset Management, the company said in a disclosure to the Egyptian Exchange (EGX) on Sunday.

The company also approved the credit contract submitted by EFG Hermes Leasing Company to finance its part of the acquisition with a value of EGP 92.5 million.

In addition, the board of directors approved a plan to expand the capacity of Al Safwa Hospital to 150 beds from 67 and the capacity of Speed Hospital on the Ismailia Desert Road to 140 beds.

The company also created a long-term plan to complete the merger Al Safwa Hospital Company and Speed Hospitals Company into one entity, comprising of about 300 beds, planned to be listed on the EGX in an initial public offering (IPO) over a period of less than three years.

During the first nine months of 2020, Speed Medical reported net profits of EGP 49.08 million, up from EGP 16.419 million in the corresponding period a year earlier.