Speed Medical is offloading its entire 30% stake in Prime Speed Medical, the company said in a bourse disclosure (pdf), capping a feud between the erstwhile partners. Speed Medical (SPMD) will proceed with the exit once it receives its share of income in full according to a mutually-approved valuation. SPMD was set to acquire the remaining 70% of Prime Speed in a share-swap agreement before tensions arose in August and the acquisition plans were dropped.

What got SPMD mad? As SPMD tells it, Prime Speed’s owners were pushy with the sale, trying to get it moving “in an exaggerated way that goes beyond normal commercial transactions.” SPMD also grumbled about what it alleged were a number of operational misses and strategy gaps on Prime Speed’s part.

That’s not the company’s only exit: SPMD is also selling its 30% stake in Misr Labs Company, it said in the disclosure, without explaining why.

Instead, SPMD will establish its own lab chain under the name Al Watan Laboratories with plans to establish 200 branches. A business plan for the venture should be ready within two weeks, the company said.

EARNINGS- SPMD’s net income rose more than doubled to EGP 59 mn in 3Q2021 while revenues rose 154% to EGP 121 mn, according to the company’s financial statements (pdf). On a nine-month basis, SPMD reported a 240% y-o-y jump in net income to EGP 168 mn. The company’s revenues rose 162% to EGP 296 mn in 9M2021.