Cairo – Mubasher: Speed Medical Company commented on a complaint from a shareholder regarding retracting a decision to acquire Prime Speed Healthcare. 

The company said that the acquisition contract was signed on 31 March, but the Financial Regulatory Authority's (FRA) objection to the valuation one working day later has made the contract invalid, according to a bourse disclosure on Tuesday.

The information about not acquiring Prime Speed was clearly known to all dealers as it was announced in several disclosures, the company added.

On a side note, the company affirmed that all board members are not banned from travelling and that the Chairman has been on his annual leave in the US since 23 August and will arrive in Cairo on 31 August. 

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.