Cairo – Mubasher: The board of directors of Speed Medical Company approved the establishment of Speed Finance, the first to be specialised in financing medical and pharmaceutical services in Egypt.

The company will be established with a capital of EGP 25 million to be paid within a year, 50% of which will be contributed by Speed Medical, according to a bourse disclosure on Tuesday.

Speed Finance will utilise the wide range of medical services provided by Speed Medical along with other medical service providers in the market, subject to obtaining regulatory approvals.

The board also approved signing a memorandum of understanding (MoU) with Digital Wellnez Software, the owner of the digital CareSquare app, which specialises in digital medical and pharmaceutical services.

Speed Medical aims to acquire 25.01% of Digital Wellnez Software for EGP 22.5 million to be pumped in cash within a year.

The board also approved a branch expansion plan in East Delta which includes 11 new Speed Lab branches in Sharkia.

During the first quarter (Q1) of 2021, Speed Medical Company reported net profits of EGP 40.92 million, compared to EGP 7.17 million in the year-ago period.