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Tuesday, 29 September 2020

Speed Medical to invest EGP 330 mn through 2022

INVESTMENT WATCH- Lab outfit Speed Medical (SPMD) plans to invest some EGP 330 mn in expansions and acquisitions through 2022, Chairman Mahmoud Lasheen tells Al Mal. The company has earmarked EGP 200 mn to more than double its network of branch labs to 200 by the end of 2022, and another EGP 50 mn to acquire existing labs. SPMD is investing another EGP 52 mn to complete its new hospital in Obour, while another EGP 30 mn is earmarked for specialized clinics, Lasheen said, without specifying whether that was to expand capacity or add new offerings. The company had planned to invest EGP 160 mn in 2020.

Where will the financing come from? The Nilex-listed company plans to raise EGP 150 mn through a capital increase (pdf), which began yesterday and runs until 29 October. This capital increase — the second of two planned increases — should allow SPMD to make its long awaited move to the EGX from the small-cap Nilex, where it is currently listed. The remaining EGP 180 mn will be self-financed from its profits as of this year.

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