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Speed Medical approves FV ahead of Prime Speed acquisition deal

Speed Medical approves FV ahead of Prime Speed acquisition deal
The board approved the FV of Speed Medical at EGP 2.415 billion
Speed Medical
SPMD
-2.03% 2.41 -0.05

Cairo – Mubasher: The board of directors of Speed Medical Company approved the fair value (FV) of Prime Speed Healthcare prepared by the independent financial advisor Economic Group Financial Consulting Company for Securities at a value of EGP 1.823 billion.

The board also approved the FV of Speed Medical at EGP 2.415 billion or EGP 2.18 per share, the company said in a bourse disclosure on Thursday.

In addition, the board decided to sign an agreement to acquire Prime Speed Healthcare in a non-cash transaction as the value of these shares will be registered as a credit balance in the records of Speed Medical in favour of the selling partners of Prime Speed Healthcare.

The agreement was signed on 31 March and Prime Speed Medical Services has become 100% owned by Speed Medical.

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