Cairo – Mubasher: The board of directors of Speed Medical Company decided to increase the paid-up capital to EGP 300 million from EGP 221.82 million.

The capital will be raised by EGP 78.17 million through the issuance of 390.85 million bonus shares at a nominal value of EGP 0.2 apiece, the company said in a bourse disclosure on Sunday.

The board decided to distribute 0.3 bonus share for every share held.

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

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.