Egypt: Speed Medical signs MoU with El Dakhakhny Laboratories

Speed Medical Company

Egyptian healthcare group Speed Medical has signed a memorandum of understanding (MoU) with El Dakhakhny Laboratories.

Under the MoU, Speed Medical’s name will be added to El Dakhakhny Laboratories, the company said in a bourse disclosure on 16 January.

The medical laboratory testing company’s name will be changed to Speed El Dakhakhny Laboratories, the statement added.

Speed Medical said that it will manage El Dakhakhny Laboratories for a trial period before conducting an evaluation of a potential acquisition.

Last week, the Cairo-based healthcare group announced it was 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. 

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