Cairo – Mubasher: El-Sewedy Cement Company has entered the shareholders’ equity ownership of Speed Medical Company after it acquired 0.90% stake on 24 July.

El-Sewedy Cement purchased 10 million shares for a total of EGP 5.24 million, at an average price of EGP 0.52 per share.

Meanwhile, the listed EFG Hermes was the broker for the equity acquisition process.

In addition, Speed Medical pointed out that the percentage of related parties' ownership is 4.50% in favour of Sadiq Ahmed El-Sewedy.

Earlier in July, the listed medical firm fully exited Prime Speed Medical Services Company after selling 30,000 shares, representing 30% stake in the latter.

During the first quarter (Q1) of 2022, Speed Medical registered consolidated net losses after tax of EGP 38.76 million, versus net profits worth EGP 29.14 million in Q1-21, including minority interest.

Revenues surged to EGP 68.70 million in the January-March 2022 period, compared to EGP 65.36 million in the year-ago period.

The loss per share stood at EGP 0.03 in Q1-22, against earnings per share (EPS) of EGP 0.02 in Q1-21.