EGYPT – Speed Hospitals Company, a subsidiary of Speed Medical, and Egyptian and Arab investors have acquired 100 percent of the shares of the New Al-Safwa Specialized Hospital Company in Sixth of October City, with a total value of LE 185 million (US$11.81m).
Speed Medical said that the share of “Speed Hospitals” is estimated at 50 percent of Al-Safwa Hospital, while the remaining of the share will go to the group of Egyptian, Arab and foreign investors whose stakes will be managed by Pharos Company for Portfolio Formation and Asset Management.
Speed Hospitals Company approved the future plan for the new Al-Safwa Specialist Hospital, which was prepared by the company’s business development department, and by Pharos Company for Portfolio Formation and Asset Management.
The company stated in a filing to the Egyptian Exchange (EGX), that the future plan included increasing the capacity of Al-Safwa Hospital from 67 beds to 150 beds, in addition to expanding the Speed Hospital in Obour City to 140 beds.
It said that the company’s future plan includes preparing a long-term plan to complete the merger of the Al-Safwa Hospital Company and the Speed Hospitals Company into a single entity consisting of approximately 300 beds in the west and east of Greater Cairo, with the aim of offering on the stock exchange through public subscription in a period not exceeding 3 years.
Mahmoud Lashin, CEO of Speed Medical, said that the company aims to pump new investments of up to 200 million pounds during the year 2021 to expand in “Speed Medical” and “Misr Laboratories” in addition to operating the Speed Hospital.
He added that the company aims to reach the number of “Speed Medical” laboratories to 140 branches and Egypt laboratories to 60 branches during the current year.
Pointing out that the number of branches of Speed Medical laboratories, currently 98 branches, and 11 branches of Egyptian laboratories.
And Lashin added that the company’s expansion plan includes the completion of the Speed Hospital for operation in June of this year, with a capacity of 65 beds, and the company has completed 60% of the hospital’s finishes.
He mentioned that the total investments spent on “Speed Hospital” amounted to 100 million pounds, and the finishes are being completed. The hospital needs an additional 70 million pounds to be ready for operation.
The Board of Directors of Speed Medical approved the cancellation of the idea of establishing a company to manage hospitals and medical facilities for others, which was approved in November 2020 due to the contradiction with the memorandum of understanding signed with the Saudi Treatment Group last month.
Lashin indicated that the company’s board of directors agreed to study the costs of expanding the Speed Hospital from 65 beds to 140 beds, and to set a scenario for self-financing from the increase in annual profits for the current year.
The CEO of the company said that “Speed Medical” plans to acquire 20 branches of analysis laboratories during the current year, and the company is about to open two new branches of Speed clinics in Heliopolis and Sheikh Zayed next February, in addition to opening 5 new branches of Speed laboratories.
Lashin indicated that the company is conducting a negative examination of ignorance to acquire the first Islamic laboratories in the governorates of Al-Buhaira and Kafr El-Sheikh, with a total of 3 branches, and the Al-Sharq laboratories in Kafr El-Sheikh governorate with a total of two branches.
He explained that the company has benefited greatly from the spread of the epidemic by expanding at the branch level for analysis laboratories and entering into new investments.
Lashin pointed out that the pandemic has led the growth of sales and expansions of the company, bearing in mind that the impact of the epidemic on the Egyptian economy has become negligible during the current year due to adaptation and coexistence with the presence of the epidemic and the manufacture of the vaccine in many countries.
On the level of “Prime Speed” company, Lashin said that the company plans to pump new investments in various medical projects during the current year and are being studied in order to finance its profits, explaining that it owns about 10 Drive Thru branches nationwide.
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