Speed Medical’s (SPMD) board of directors approved acquiring Prime Speed Healthcare, according to the company’s statement filed to the Egyptian Exchange on April 1st.

The board ratified the fair value of Prime Speed Healthcare LLC at EGP 1.824 billion, in addition, the Speed Medical’s fair value at EGP 2.415 billion.

Earlier, the listed company appointed the Economic Group for Financial Consulting in Securities to assess the fair value (FV) of Speed Medical to be used in the non-cash increase.

Speed Medical posted a consolidated net profit of EGP 49,081,717 in the January-September period of 2020, marking a 199% year-on-year leap.

The Egypt-based medical laboratory operator is engaged in establishing, operating, and managing diagnostic laboratories, clinics, and hospitals.