Cairo – Mubasher: The board of directors of Speed Medical Company decided not to acquire Prime Speed Healthcare and expressed its satisfaction with its 30% stake in Prime Speed Medical Services, according to a bourse disclosure on Thursday. 

Following the announcement, trading on the shares of the company has been resumed after being halted on Wednesday. 

The company cited several reasons for its decision, including Prime Speed's failure to achieve the sales targets for Japanese-made air steriliser and air purifier for COVID-19, the growing competition over PCR tests, and the incompatibility between the owners of Prime Speed Healthcare and the board of directors of Speed Medical Company. 

Speed Medical also said that Prime Speed did not perform other projects besides the drive-thru and that the company has a single activity that can be discontinued in a period of 18 to 20 months.

During the first half (H1) of 2021, Speed Medical Company registered consolidated net profits of EGP 108.07 million, up from EGP 21.24 million in H1-20.