{"id":557001,"date":"2021-09-02T04:02:46","date_gmt":"2021-09-02T04:02:46","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/02\/speed-medical-secures-nearly-usd-100-mn-in-financing-from-luxembourg-based-em-investor\/"},"modified":"2021-09-02T04:02:46","modified_gmt":"2021-09-02T04:02:46","slug":"speed-medical-secures-nearly-usd-100-mn-in-financing-from-luxembourg-based-em-investor","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/02\/speed-medical-secures-nearly-usd-100-mn-in-financing-from-luxembourg-based-em-investor\/","title":{"rendered":"Speed Medical secures nearly USD 100 mn in financing from Luxembourg-based EM investor"},"content":{"rendered":"

<\/a> Speed Medical has landed some EGP 1.57 bn in financing<\/strong> from <\/strong>EM-focused <\/strong>alternative investment outfit<\/strong> Global Emerging Markets<\/a><\/strong> (GEM)<\/strong> in an agreement inked between the two firms yesterday, according to a joint press release<\/a>. Neither party was immediately available to answer questions.<\/p>\n

The funds will be extended under a \u201cshare subscription facility\u201d<\/strong> on a 36-month term. Our take is that this is effectively a convertible debt-for-equity arrangement: Speed can draw down funds on an as-needed basis, with GEM getting shares in Speed for every EGP Speed draws. This type of financing is \u201cpotentially lower cost and less dilutive \u2026 as the company controls the timing and amount of each drawdown,\u201d Speed Chairman Mahmoud Lasheen said in the statement.<\/p>\n

How much of Speed could GEM get if Speed calls the full facility? <\/strong>It\u2019s really not clear \u2014 the press release does not specify a pricing mechanism for the equity, so it\u2019s not clear whether the price at which the drawn equity would convert into newly issued shares is at yesterday\u2019s price, a future price, a trailing average\u2026<\/p>\n

Speed said it would use the financing for its \u201caggressive expansion plans<\/strong>,\u201d including for acquisitions and new ventures, as well as to consolidate its existing bank debt, with a separate disclosure (pdf)<\/a> saying the funding will help Speed \u201cpay off the banks\u2019 loans in full.\u201d Lasheen added that the facility should allow Speed to start issuing dividends <\/strong>\u201ccommencing in the coming year.\u201d<\/p>\n

But not for the now dead-in-the-water Prime Speed acquisition:<\/strong> In an unusually frank regulatory filing in late August, Speed Medical announced<\/a> it was backing away from its potential 100% acquisition of Prime Speed.<\/p>\n

Speed Medical will still need to secure the approval<\/strong> of the company\u2019s board of directors and general assembly before the GEM transaction is finalized.<\/p>\n

GEM is a Luxembourg-based private investment group worth USD 3.4 bn<\/strong> that specializes in emerging-markets and has made transactions in over 70 countries.<\/p>\n","protected":false},"excerpt":{"rendered":"

Speed Medical has landed some EGP 1.57 bn in financing from EM-focused alternative investment outfit Global Emerging Markets (GEM) in an agreement inked between the two firms yesterday, according to a joint press release. Neither party was immediately available to answer questions. The funds will be extended under a \u201cshare subscription facility\u201d on a 36-month […]<\/p>\n","protected":false},"author":1,"featured_media":557002,"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":[7272],"tags":[7098,72,7115,125,3413,551,2482,200],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-557001","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment-watch","tag-africa","tag-enterpriseam","tag-healthcare","tag-investment-watch","tag-odiggo","tag-speed-medical","tag-trella","tag-venture-capital","wpautop","entry"],"acf":{"mongo_id":"683f86c4-f9ec-468a-a4f1-2715f15e2914","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/9\/27.jpg","photo_position":"above","related_issue":[556993],"teaser":"","voice_url":""},"yoast_head":"\nSpeed Medical secures nearly USD 100 mn in financing from Luxembourg-based EM investor - 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\/09\/02\/speed-medical-secures-nearly-usd-100-mn-in-financing-from-luxembourg-based-em-investor\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Speed Medical secures nearly USD 100 mn in financing from Luxembourg-based EM investor\" \/>\n<meta property=\"og:description\" content=\"Speed Medical has landed some EGP 1.57 bn in financing from EM-focused alternative investment outfit Global Emerging Markets (GEM) in an agreement inked between the two firms yesterday, according to a joint press release. 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The company has earmarked EGP 200 mn to more than double its network of branch labs to 200 by the end of 2022, and\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":591287,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/02\/ebtikar-to-invest-egp-35-mn-in-non-banking-financing-e-payment-apps-in-egypt\/","url_meta":{"origin":557001,"position":1},"title":"Ebtikar to invest EGP 35 mn in non-banking financing, e-payment apps in Egypt","author":"enterpriseam admin","date":"2 December 2019","format":false,"excerpt":"Ebtikar to invest EGP 35 mn in non-bank financing, e-payment apps: B Investments\u2019 Ebtikar for Financial Investment has earmarked EGP 35 mn to invest in non-bank financing and e-payment startups as part of the company\u2019s ambitious expansion plans, Chairman Aladdin Saba tells Hapi Journal. Saba did not disclose a timeline\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":574002,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/08\/26\/odin-to-set-up-2-investment-funds-worth-egp-1-bn-by-next-month\/","url_meta":{"origin":557001,"position":2},"title":"Odin to set up 2 investment funds worth EGP 1 bn by next month","author":"enterpriseam admin","date":"26 August 2020","format":false,"excerpt":"M&A WATCH- Odin Capital to set up EGX equity, VC funds worth a combined EGP 1 bn by September: Odin Investments is hoping to close on its EGP 500 mn joint fund with Saudi\u2019s Kasb Capital to invest in Egyptian equities and launch it by next month, Odin\u2019s Deputy Chairman\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":594917,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/11\/pharos-has-a-transaction-pipeline-worth-egp-15-bn\/","url_meta":{"origin":557001,"position":3},"title":"Pharos has a transaction pipeline worth EGP 15 bn","author":"enterpriseam admin","date":"11 September 2019","format":false,"excerpt":"Pharos Holdings has a transaction pipeline worth EGP 15 bn, Pharos\u2019 Managing Director and Head of Investment Banking Noha Ghazaly told the local press. The transactions include M&As and financing transactions in the food and beverage, healthcare, chemicals, and building materials sectors, Ghazaly said, without providing further details. Several of\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":593099,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/18\/speed-medical-to-invest-egp-160-mn-in-2020\/","url_meta":{"origin":557001,"position":4},"title":"Speed Medical to invest EGP 160 mn in 2020","author":"enterpriseam admin","date":"18 November 2019","format":false,"excerpt":"INVESTMENT WATCH- Egyptian healthcare company Speed Medical to invest EGP 160 mn in 2020: Speed Medical aims to invest EGP 160 mn next year in 30 labs and outpatient clinics, Chairman Mahmoud Lasheen told the local press. The company plans to self-finance EGP 100 mn of the investment, and secure\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":571053,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/28\/ezdehar-seeks-minority-stake-in-al-taisier-medical-sources\/","url_meta":{"origin":557001,"position":5},"title":"Ezdehar seeks minority stake in Al Taisier Medical -sources","author":"enterpriseam admin","date":"28 April 2020","format":false,"excerpt":"M&A WATCH- Ezdehar Egypt Mid-Cap Fund is looking to acquire a minority stake in Al Taisier Medical Holding Group, writes Al Mal, citing sources familiar with the matter. The private equity outfit is still carrying out due diligence and has not yet come to an agreement on the stake size\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"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\/557001","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=557001"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/557001\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/556993"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/557002"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=557001"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=557001"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=557001"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=557001"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=557001"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}