{"id":557195,"date":"2021-09-09T03:45:10","date_gmt":"2021-09-09T03:45:10","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/09\/speed-medical-pays-shareholders-egp-4-mn-to-extend-acquisition-timeline\/"},"modified":"2021-09-09T03:45:10","modified_gmt":"2021-09-09T03:45:10","slug":"speed-medical-pays-shareholders-egp-4-mn-to-extend-acquisition-timeline","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/09\/speed-medical-pays-shareholders-egp-4-mn-to-extend-acquisition-timeline\/","title":{"rendered":"Speed Medical pays shareholders EGP 4 mn to extend acquisition timeline"},"content":{"rendered":"

Speed Medical announced that it had paid New Al Safwa Specialized Hospital\u2019s <\/strong>shareholders EGP 4 mn in June as part of compensation for the months delay on the transaction<\/strong>, the company said in a bourse filing (pdf)<\/a>. The company said it had paid the amount to a representative of the sellers to secure their agreement to extend the terms of the transaction, which is being held up by a delay in obtaining health ministry approvals.<\/p>\n

The company also confirmed that it would be upping its initial EGP 185 mn offer<\/strong> by an amount equivalent to the interest rate on the 185 mn figure during the period from 1 March until the transaction is complete, after sellers voiced complaints<\/a> about the slowness of the regulatory approvals from the ministry.<\/p>\n

Speed Medical\u2019s subsidiary Speed Hospitals wants at least <\/strong>51% of Al Safwa<\/a><\/strong>, as well as management rights, with the rest of the equity to be owned by other investors including a 4.4% stake<\/a> for sister company Prime Speed Medical Services.<\/p>\n

Speed Hospitals already has post-acquisition plans<\/strong> including raising Al Safwa Hospital\u2019s capacity to 150 beds from its current 67. Speed Medical is also looking to list its hospitals arm on the EGX sometime within the coming three years.<\/p>\n

Speed Medical has been facing heat recently: <\/strong>Yesterday, the company was fined EGP 200k by the IPO Committee<\/a> for once again violating article 34 of the EGX\u2019s rules for listing, which states that any company listed on the market has to disclose any essential information with the EGX, which will then share said information on its trading screens and official website. The company also threatened legal action against any media outlet that shares allegations<\/a> made by unnamed shareholders, who accused the company of market manipulation.<\/p>\n","protected":false},"excerpt":{"rendered":"

Speed Medical announced that it had paid New Al Safwa Specialized Hospital\u2019s shareholders EGP 4 mn in June as part of compensation for the months delay on the transaction, the company said in a bourse filing (pdf). The company said it had paid the amount to a representative of the sellers to secure their agreement […]<\/p>\n","protected":false},"author":1,"featured_media":557196,"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":[72,7128,551],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-557195","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-enterpriseam","tag-ma-watch","tag-speed-medical","wpautop","entry"],"acf":{"mongo_id":"09356788-67c5-475d-986b-bdd7a991a6c9","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/9\/124.jpg","photo_position":"above","related_issue":[557182],"teaser":"","voice_url":""},"yoast_head":"\nSpeed Medical pays shareholders EGP 4 mn to extend acquisition timeline - 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\/09\/speed-medical-pays-shareholders-egp-4-mn-to-extend-acquisition-timeline\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Speed Medical pays shareholders EGP 4 mn to extend acquisition timeline\" \/>\n<meta property=\"og:description\" content=\"Speed Medical announced that it had paid New Al Safwa Specialized Hospital\u2019s shareholders EGP 4 mn in June as part of compensation for the months delay on the transaction, the company said in a bourse filing (pdf). 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The decision came\u2026","rel":"","context":"In "SPEED ROUND: M&A WATCH"","block_context":{"text":"SPEED ROUND: M&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":566126,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/30\/speed-medical-quits-bidding-war-for-alex-medical\/","url_meta":{"origin":557195,"position":1},"title":"Speed Medical quits bidding war for Alex Medical","author":"enterpriseam admin","date":"30 May 2021","format":false,"excerpt":"Speed Medical is no longer part of a consortium bidding for 100% of Alexandria Medical Services, the EGX-listed medical diagnostics firm said in a statement (pdf), adding that it would instead be looking for new investments that it could consolidate on its balance sheet. 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The company acquired the stake from existing shareholders including CIB (20%), Saud Consultants (20%), BPE Power (15%) and BPE Partners\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":574589,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/15\/speed-medical-acquires-misr-laboratories-for-egp-10-mn\/","url_meta":{"origin":557195,"position":3},"title":"Speed Medical acquires Misr Laboratories for EGP 10 mn","author":"enterpriseam admin","date":"15 September 2020","format":false,"excerpt":"M&A WATCH- Upstart labs outfit Speed Medical signed a sale and purchase agreement to acquire Misr Laboratories in a transaction worth up to EGP 10 mn, according to a regulatory filing (pdf). 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The offer price valued the\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":564443,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/07\/ma-and-an-ipo-in-the-works-for-speed-savola-looking-at-an-egypt-acquisition\/","url_meta":{"origin":557195,"position":5},"title":"M&A and an IPO in the works for Speed + Savola looking at an Egypt acquisition","author":"enterpriseam admin","date":"7 February 2021","format":false,"excerpt":"Speed Medical closing in on Al Safwa Hospital acquisition, says it will spin-off hospitals arm ahead of IPO: A consortium led by Speed Hospitals \u2014 a subsidiary of diagnostics and healthcare firm Speed Medical \u2014 is looking to acquire a 100% stake in Six of October\u2019s New Al Safwa Specialized\u2026","rel":"","context":"In "SPEED ROUND: M&A WATCH"","block_context":{"text":"SPEED ROUND: M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/2\/412.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/557195","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=557195"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/557195\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/557182"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/557196"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=557195"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=557195"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=557195"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=557195"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=557195"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}