Arab Finance: Elsewedy Cement has acquired an EGP 5.244 million stake in Speed Medical Company (SPMD), according to a disclosure filed to the Egyptian Exchange (EGX) on July 24th.

The deal was executed on 10 million shares, representing a 0.9% stake in Speed Medical, at an average price of EGP 0.524 per share.

It is worth noting that Speed Medical incurred a consolidated loss attributable to the parent company of EGP 38.38 million in the first quarter (Q1) of 2022, versus a net profit of EGP 29.144 million in Q1 2021.

Established in December 2015 and listed on the EGX in March 2019, Speed Medical is a Cairo-based company that operates in the healthcare sector.