Speed Medical’s (SPMD) board of directors signed off on acquiring Prime Speed Medical Services in a EGP 1.8 bn transaction, after the SPMD board of directors approved fair values of both companies, according to an EGX statement (pdf). The acquisition will be financed through a capital increase, provided it gets EGM approval.

Work is underway on building the world’s largest spinning factory which is expected to be operational in the summer of 2022, Public Enterprises Minister Hisham Tawfik said in a statement. The factory is expected to produce 30 tonnes of yarn per day.

Other things we’re keeping an eye on this morning:

• CI Capital’s microfinance subsidiary Reefy has landed EGP 150 mn in funding (pdf) from HSBC Bank Egypt for on-lending to micro firms — a third of which will be allocated to women-led SMEs.
• Schneider Electric was awarded a contract to set up a new electricity control center that will serve downtown Alexandria.
• Plans to renovate several Egyptian ports including those in Alexandria, Dekheila, Ain Sokhna, and Damietta were presented to the Supreme Council for Ports in a meeting chaired by Prime Minister Mostafa Madbouly Thursday, following a presidential decree ordering the restructuring of the council.
• State-owned Canal Sugar is planning to begin operating its new EGP 17 bn factory in Minya next month.