Arab Finance: The board of directors of Speed Medical Company (SPMD) has approved raising the company’s paid-up capital by EGP 110.91 million via the issuance of 554.57 million shares at a par value of EGP 0.2 per share, according to a statement filed to the Egyptian Exchange (EGX) on August 11th.
Accordingly, the capital shall increase to EGP 332.74 million from EGP 221.82 million.
Moreover, the board has agreed to offer Speed Hospital in El-Obour, which is 80.25%-owned by the company’s subsidiary Speed Hospital, for sale.
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.