Speed Medical signs LE 1.57B financing contract with GEM investment fund



Wed, 01 Sep 2021 - 03:14 GMT


Wed, 01 Sep 2021 - 03:14 GMT

Egyptian currency_Reuters

Egyptian currency_Reuters

CAIRO – 1 September 2021: Speed ​​Medical signed an agreement with the Global Emerging Markets (GEM) investment fund, with a financing contract of LE 1.57 billion for the company’s favor for a period of 3 years.


The company ​​said in a statement to the Egyptian Stock Exchange, Wednesday, that the fund manages $ 3.4 billion, is headquartered in Luxembourg, and has offices in France, New York and the Bahamas.


It added, that this is by increasing the capital at fair value or current shareholders to the company, taking all control measures and the approval of the Board of Directors and the company’s general assembly to become effective.


According to the company, this will provide the company with a large amount of money that will help it finance expansions and repay bank loans in full, and the amount of financing at one time will be according to the company's needs each time.


In August, Speed ​​Medical allocated LE 400 million for investments and expansions for the company in the future plan.


The company added, in a statement to the Egyptian Stock Exchange,Thursday, that the plan includes increasing the number of Speed ​​Hospital beds in El-Obour with investments of LE 70 million, increasing the branches of Speed ​​laboratories by adding 60 branches with investments of LE 90 million, and increasing the branches of Misr laboratories by adding 90 branches at a cost of LE 140 million.


The plan also includes increasing Speed ​​Finance’s capital for consumer financing by LE 25 million, establishing a specialized clinic in the Fifth Settlement by about LE 5 million, and expanding in the new Al Safwa Hospital after completing the acquisition procedures by LE 70 million.


This came in response to the news published in a newspaper entitled "Speed ​​Medical intends to invest LE 400 million in 2022."


The company’s revenues rose during the first three months of 2021, recording LE 65.36 million at the end of last March, compared to LE 25.11 million during the same period in 2020.





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