Speed Medical, Prime Speed to invest EGP 150 mn in new lab outfit:

Speed Medical, Prime Speed to invest EGP 150 mn opening new branches through labs joint venture: Lab and diagnostic testing company Speed Medical (SPMD) and Prime Speed Medical Services — in which SPMD holds a 30% stake — are setting up a new lab outfit, Masr Labs Company for Medical Services, SPMD said in an EGX filing (pdf). The joint venture will invest EGP 150 mn to open 100 branches over the coming year, with an eye to increase its total branch count to 200 by 2022. Prime Speed and SPMD will each hold a 30% stake in the company while the remaining 40% will be placed with outside investors. SPMD is also planning to spend EGP 200 mn to increase its branch count to 200 by the end of 2022.