Cairo – Mubasher: Speed Medical Company said that its 80.25%-owned unit Speed Hospital joined an alliance with Tawasol Holdings for Financial Investment, affiliated to Saudi Elaj Medical Group, to acquire the entire shares of Alexandria Medical Services - Alexandria New Medical Center.

This move falls within the framework of the company’s cooperation with the Saudi Elaj Medical Group, which was announced on 9 December 2020, the company said in a bourse disclosure on Sunday, noting that negotiations are still ongoing.

Any new developments will be disclosed in due course, the company added.

Earlier, Tawasol Holdings expressed its interest to acquire 74.08% or 10.57 million shares in the company for EGP 38.09 apiece.

In 2020, Speed Medical achieved net profits of EGP 79.2 million, up from EGP 17.09 million in 2019, including minority shareholders’ rights.

Source: Mubasher

All Rights Reserved - Mubasher Info © 2005 - 2021 Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.