Cairo – Mubasher: The board of directors of Speed Medical Company approved the acquisition of all the shares of Haya Labs which has five branches in Qena for EGP 4 million.
A total of 500,000 will be paid upon signing the contract and the remaining amount will be paid on 25 January 2021 according to the results of the due diligence process and the actual sales audited by Speed Medical for a period of three months starting from 20 October and ending on 19 January 2021, the company said in a bourse disclosure on Wednesday.
The final amount of the deal is set at a maximum value of EGP 4 million conditional on the achievement of audited annual sales of EGP 3 million (at least EGP 750,000 in three months) with a reduction in the purchase price in proportion to the decrease in sales form this figure.
During the first six months of 2020, Speed Medical Company achieved net profits of EGP 21.2 million, up from EGP 10.75 million in the year-ago period.
