Back to the complete issue
Tuesday, 2 March 2021

Prime Speed Medical Services reduces target stake in Al Safwa

Prime Speed Medical is scaling back the stake it plans to acquire in New Al Safwa Specialized Hospital to 4.4% from 10%, it said in a regulatory filing (pdf), putting the transaction at a value of EGP 8.4 mn instead of the previously announced EGP 15.5 mn. The decision came after not enough of Al Safwa shareholders agreed to sell their stakes to Prime Speed, the disclosure said. Prime Speed was looking to acquire shares in Al Safwa through Speed Hospitals — a subsidiary of Speed Medical (SPMD), Prime’s sister company. Speed Hospital itself wants at least 50% plus one share of Al Safwa along with management rights.

Untangling the whole Speed, Prime Speed ownership: Separately, Prime Speed Medical’s three major shareholders — Prime Egypt Group chairman Tamer Waguih, and Prime Speed Medical board members Ayman Sabry and Mahmoud Farrag — said they would prefer a share swap transaction for their upcoming merger with SPMDl, Waguih reportedly told Al Mal. The three are apparently looking to swap their entire stakes in Prime Speed, which amount to 70% of the company, with SPMD shares. SPMD’s board of directors approved last month buying a 100% stake in Prime Speed Medical, up from a current 30% stake. SPMD had set up Prime Speed Medical Services last year along with other shareholders including Waguih. Zaki Hashem & Partners will manage the transaction.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2021 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of Commercial International Bank (tax ID: 204-891-949), the largest private-sector bank in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; and Act Financial (tax ID: 493-924-612), the leading activist investor in Egypt; and Abu Auf (tax ID: 584-628-846), the leading health foodmaker in Egypt and the region.