April 5, 2021

Speed Medical dismisses fair value


ArabFinance: Speed Medical’s (SPMD) board of directors rejected the evaluation of the company’s fair value set by Economic Group for Financial Consulting in Securities, according to a statement filed to the Egyptian Exchange.

The board justified the disapproval as the fair value study did not reflect the real value of the company.

On April 1st, the board ratified the fair value of Prime Speed Healthcare at EGP 1.823 billion and Speed Medical at EGP 2.415 billion.

Regarding Prime Speed Healthcare acquisition, the board said the completion of the deal subject to the approval of 75% of the general assembly on the higher value of Speed Medical.

Earlier, the listed company appointed the Economic Group for Financial Consulting in Securities to assess the fair value (FV) of Speed Medical to be used in the non-cash increase.

Speed Medical posted a consolidated net profit of EGP 49.081.717 in the January-September period of 2020, marking a 199% year-on-year leap.

The Egypt-based medical laboratory operator is engaged in establishing, operating, and managing diagnostic laboratories, clinics, and hospitals.

arabfinance


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