Cairo – Mubasher: The Egyptian Financial Regulatory Authority (FRA) said that the fair value (FV) of Speed Medical Company and Prime Speed Healthcare has been estimated at EGP 3.04 billion and EGP 1.001 billion, respectively, by Eagle Advisors.

The swap ratio is 3.04 shares of Prime Speed Healthcare for every share of Speed Medical Company, the FRA said in a statement to the Egyptian Exchange (EGX) on Thursday.

The FV of Speed Medical Company has been amended to EGP 3.04 billion or EGP 2.75 per share instead of a previous estimation of EGP 2.415 or EGP 2.18 per share, while the FV of Prime Speed has been changed to EGP 1.001 billion from EGP 1.823 billion.

Earlier, the board of directors of Speed Medical Company 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.

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