Cairo – Mubasher: The board of directors of Speed Medical Company approved listing the company's shares on the Dubai Financial Market (DFM).

No more than one-third of the company's capital will be transferred to the DFM, the company said in a statement to the Egyptian Exchange (EGX) on Thursday.

The decision will be referred to the company’s extraordinary general meeting (EGM) for approval.

The board also decided to appoint Naeem Financial Investments as the financial advisor for the dual listing by providing technical and financial advice without undertaking any financial evaluation work.

The move will enable the company to diversify its shareholder structure, obtain more funds with strict or specific geographical mandates, and secure liquidity to facilitate entry and exit in multiple currencies.

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.