FRA announces swap ratio of Prime Speed Medical acquisition deal

Speed Medical’s share is an equivalent of 3.04 shares of Prime Speed

  
A trader works at the Egyptian stock exchange in Cairo, Egypt, December 3, 2015.

A trader works at the Egyptian stock exchange in Cairo, Egypt, December 3, 2015.

REUTERS/Mohamed Abd El Ghany

ArabFinance: The Financial Regulatory Authority (FRA) announced that the swap ratio between Speed Medical (SPMD) and Prime Speed Medical is 3.04 shares, according to FRA’s statement filed to the Egyptian Exchange.

This means Speed Medical’s share is an equivalent of 3.04 shares of Prime Speed.

FRA asserted the fair value of Speed Medical and Prime Speed at EGP 3.04 billion and EGP 1.001 billion, respectively.

It’s worth mentioning that Eagle Advisors company, an independent financial advisor, set the swap ratio is 1.32 shares.

Earlier, Speed Medical's subsidiary Speed Hospitals signed an agreement with LimeVest Fund and the Elaj Group’s subsidiary Tawasol in order to acquire Alexandria New Medical Center (Alex NMC).

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.

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