Egypt: Speed Medical to raise funds for expansion

Speed Medical Company

Egyptian healthcare group Speed Medical is looking to more than triple its capital to E£213.9m (US$13.5m) as part of a company expansion.

It intends to increase its capital by E£142.6m during 2020, by selling two-for-one shares at E£0.20 each, the company said in a bourse disclosure on 12 January.

Funds raised are expected to meet the company’s financing needs during 2020, including the completion of work at Speed Hospital on the Ismailia Desert Road and increasing its number of laboratories to 105, along with supporting its plan to shift to the main market.

Speed Medical’s 2020 plan also includes adding an additional specialised centre.

During the first nine months of 2019, the company logged a 49.2% jump in profits to E£16.4m.