Speed Medical to be the first jump from Nilex to the EGX
Speed Medical (SPMD) will start trading its shares on the EGX from next Sunday after completing its upgrade from the Nilex via a capital increase, the local press reports. The exchange’s registration committee approved the listing following the company’s EGP 221.8 mn capital increase, paving the way for it to become the first to make the transition from the small-cap market to the EGX. SPMD joined the Nilex in April 2019. The company previously said it plans to use the capital increase to expand its Al-Obour medical facility on the Ismailia Desert Road, and grow its network of analysis labs.
The news comes as leading industry player IDH is exploring the possibility of a local listing. IDH, which operates the Al Borg and Al Mokhtabar labs brand in Egypt and is also present in Jordan, Nigeria and Sudan, is listed on the London Stock Exchange.