Speed Medical (SPMD) will establish Speed Finance for consumer finance with a capital of EGP 25 million in order to finance medical and pharmaceutical services, according to a statement filed to the Egyptian Exchange.
On May 17th, Speed Medical’s board of directors agreed to acquire a majority stake of 25.01% in Digital Wellnez Software SAE capital. The stake amounts to EGP 22.5 million that will be utilized to develop the CareSquare app during the next upcoming two years.
Speed Medical will acquire the stake in Digital Wellnez by increasing the later capital.
The listed company posted a consolidated net profit of EGP 40.924 million in Quarter one 2021.
The Egypt-based medical laboratory operator is engaged in establishing, operating, and managing diagnostic laboratories, clinics, and hospitals.