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Prime Speed cuts targeted stake in New Al Safwa Specialized Hospital

Prime Speed cuts targeted stake in New Al Safwa Specialized Hospital
New Al Safwa Specialized Hospital Company’s FV stock has been estimated at EGP 725.66
Speed Medical
SPMD
-2.03% 2.41 -0.05

Cairo – Mubasher: Speed Medical Company announced that its sister company Prime Speed for Medical Services reduced the stake it will acquire in New Al Safwa Specialized Hospital Company to 4.4% valued at EGP 8.3 million from 10% valued at EGP 8.3 million.

Investors of New Al Safwa Specialized Hospital Company refused to sell more than 4.4% in the company, Speed Medical said in a bourse disclosure on Tuesday.

In a separate statement, the company said that Solution For Financial Consultancy In Securities estimated the fair value (FV) of New Al Safwa Specialized Hospital Company’s stock at EGP 725.66.

Earlier, Speed Medical 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.

In 2020, Speed Medical achieved net profits of EGP 79.2 million, up from EGP 17.09 million in 2019, including minority shareholders’ rights.