{"id":554315,"date":"2021-12-29T04:03:20","date_gmt":"2021-12-29T04:03:20","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/29\/fra-takes-legal-action-against-speed-medical\/"},"modified":"2021-12-29T04:03:20","modified_gmt":"2021-12-29T04:03:20","slug":"fra-takes-legal-action-against-speed-medical","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/29\/fra-takes-legal-action-against-speed-medical\/","title":{"rendered":"FRA takes legal action against Speed Medical"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a><strong> Speed-related drama in the headlines:<\/strong> The Financial Regulatory Authority (FRA) has filed two lawsuits against Speed Medical (SPMD) before the Cairo Economic Court, SPMD said in a <a href=\"https:\/\/ent.news\/2021\/12\/Speed-Medical-FRA.pdf\">regulatory filing yesterday (pdf)<\/a>. An FRA official declined to get into the specifics of the lawsuits, saying the agency cannot comment about ongoing legal proceedings. We think the cases could involve the court ruling on whether SPMD violated FRA disclosure rules in announcements on plans to acquire Prime Speed Medical (which were later dropped) and ongoing plans to buy New Al Safwa Specialized Hospital.<\/p>\n<p><strong>Look for the first hearing in the case to be held on 3 January <\/strong>after having been earlier postponed, according to the SPMD disclosure, which said that the company was first notified of the proceedings on Monday. SPMD Chairman Mahmoud Lasheen declined to provide further comment when approached by Enterprise.<\/p>\n<p><strong>Background:<\/strong> SPMD recently decided to<a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b23d84f0-fb58-4fd1-a744-0810b9d31376\">offload its 30% stake in Prime Speed<\/a> amid a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/dd42a6b4-c0fc-4b31-b54a-d58ce34e90ac\">feud<\/a> between the erstwhile partners, reversing plans to take over the entire company by acquiring 70% of Prime Speed in a share-swap. Speed Medical\u2019s subsidiary Speed Hospitals also has <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/09356788-67c5-475d-986b-bdd7a991a6c9\">ongoing plans<\/a> to acquire at least 51% of Al Safwa, as well as management rights, but the transaction has been held up by a delay in obtaining health ministry approvals \u2014 leading SPMD to pay Al Safwa\u2019s shareholders EGP 4 mn to secure an extension on the transaction\u2019s terms.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Speed-related drama in the headlines: The Financial Regulatory Authority (FRA) has filed two lawsuits against Speed Medical (SPMD) before the Cairo Economic Court, SPMD said in a regulatory filing yesterday (pdf). An FRA official declined to get into the specifics of the lawsuits, saying the agency cannot comment about ongoing legal proceedings. We think the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":554316,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7363],"tags":[68,72,76,7128,3147,551],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-554315","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-egx","tag-enterpriseam","tag-financial-regulatory-authority","tag-ma-watch","tag-prime-speed-medical","tag-speed-medical","wpautop","entry"],"acf":{"mongo_id":"107f1754-dca0-4654-92e9-fd680c3c9d71","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/12\/541.jpg","photo_position":"above","related_issue":[554311],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>FRA takes legal action against Speed Medical - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/29\/fra-takes-legal-action-against-speed-medical\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FRA takes legal action against Speed Medical\" \/>\n<meta property=\"og:description\" content=\"Speed-related drama in the headlines: The Financial Regulatory Authority (FRA) has filed two lawsuits against Speed Medical (SPMD) before the Cairo Economic Court, SPMD said in a regulatory filing yesterday (pdf). An FRA official declined to get into the specifics of the lawsuits, saying the agency cannot comment about ongoing legal proceedings. We think the [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/29\/fra-takes-legal-action-against-speed-medical\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2021-12-29T04:03:20+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/541.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/29\/fra-takes-legal-action-against-speed-medical\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/29\/fra-takes-legal-action-against-speed-medical\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"FRA takes legal action against Speed Medical\",\"datePublished\":\"2021-12-29T04:03:20+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/29\/fra-takes-legal-action-against-speed-medical\/\"},\"wordCount\":236,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/29\/fra-takes-legal-action-against-speed-medical\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/541.jpg?fit=%2C&ssl=1\",\"keywords\":[\"EGX\",\"EnterpriseAM\",\"Financial Regulatory Authority\",\"M&amp;A Watch\",\"Prime Speed Medical\",\"Speed Medical\"],\"articleSection\":[\"M&amp;A WATCH\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/29\/fra-takes-legal-action-against-speed-medical\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/29\/fra-takes-legal-action-against-speed-medical\/\",\"name\":\"FRA takes legal action against Speed Medical - 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While SPMD\u2026","rel":"","context":"In &quot;Also on our Radar&quot;","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":555600,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/21\/spmd-exits-prime-speed-medical-misr-labs-company\/","url_meta":{"origin":554315,"position":2},"title":"SPMD exits Prime Speed Medical, Misr Labs Company","author":"enterpriseam admin","date":"21 November 2021","format":false,"excerpt":"Speed Medical is offloading its entire 30% stake in Prime Speed Medical, the company said in a bourse disclosure (pdf), capping a feud between the erstwhile partners. Speed Medical (SPMD) will proceed with the exit once it receives its share of income in full according to a mutually-approved valuation. SPMD\u2026","rel":"","context":"In &quot;M&amp;A WATCH&quot;","block_context":{"text":"M&amp;A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/11\/523.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":564838,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/02\/prime-speed-medical-services-reduces-target-stake-in-al-safwa\/","url_meta":{"origin":554315,"position":3},"title":"Prime Speed Medical Services reduces target stake in Al Safwa","author":"enterpriseam admin","date":"2 March 2021","format":false,"excerpt":"Prime Speed Medical is scaling back the stake it plans to acquire in New Al Safwa Specialized Hospital to 4.4% from 10%, it said in a regulatory filing (pdf), putting the transaction at a value of EGP 8.4 mn instead of the previously announced EGP 15.5 mn. The decision came\u2026","rel":"","context":"In &quot;SPEED ROUND: M&amp;A WATCH&quot;","block_context":{"text":"SPEED ROUND: M&amp;A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/3\/398.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":570433,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/31\/speed-medical-signs-shareholder-agreement-to-establish-prime-speed-for-medical-services\/","url_meta":{"origin":554315,"position":4},"title":"Speed Medical signs shareholder agreement to establish Prime Speed for Medical Services","author":"enterpriseam admin","date":"31 March 2020","format":false,"excerpt":"Lab and diagnostic testing company Speed Medical (SPMD) signed a shareholder agreement yesterday to establish Prime Speed for Medical Services in which it will own a 30% stake, according to a regulatory filing (pdf). Other shareholders include Modern Solutions Company and Tamer Waguih, the chairman of Prime Egypt Group. SPMD\u2026","rel":"","context":"In &quot;Health + Education&quot;","block_context":{"text":"Health + Education","link":"https:\/\/enterpriseam.com\/egypt\/category\/health-education\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":568188,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/21\/hazem-el-far-appointed-speed-medical-md\/","url_meta":{"origin":554315,"position":5},"title":"Hazem El Far appointed Speed Medical MD","author":"enterpriseam admin","date":"21 December 2020","format":false,"excerpt":"Speed Medical (SPMD) has appointed Vice Chairman Hazem El Far (LinkedIn) as managing director, following the resignation of Tariq El Qaii for personal reasons, the company said in an EGX filing (pdf).The company is also now in compliance with the regulator\u2019s diversity targets: SPMD appointed Shadia El Haddad as an\u2026","rel":"","context":"In &quot;Moves&quot;","block_context":{"text":"Moves","link":"https:\/\/enterpriseam.com\/egypt\/category\/newsmakers\/moves\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/554315","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=554315"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/554315\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/554311"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/554316"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=554315"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=554315"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=554315"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=554315"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=554315"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}