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.
