{"id":564363,"date":"2021-08-26T13:53:43","date_gmt":"2021-08-26T13:53:43","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/26\/a-family-feud-brewing\/"},"modified":"2021-08-26T13:53:43","modified_gmt":"2021-08-26T13:53:43","slug":"a-family-feud-brewing","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/26\/a-family-feud-brewing\/","title":{"rendered":"A family feud brewing?"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-02\"><\/a> <strong>Speed Medical speedily backs away from Prime Speed acquisition faster<\/strong><strong> than Speedy <\/strong><strong>Gonzales: <\/strong>Speed Medical (SPMD) will not go through with acquiring an additional 70% stake in its \u201csister\u201d company Prime Speed Medical, saying in <a href=\"https:\/\/ent.news\/2021\/8\/Speed-26-Aug-2021.pdf\">a bourse filing (pdf)<\/a> today that it was \u201ccontent with its current 30% stake.\u201d SPMD had been looking to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7aeea8d0-862c-444b-83e8-37da4c6b8313\">acquire<\/a> the shares of Prime Speed\u2019s three leading shareholders \u2014 Prime Egypt Group chairman Tamer Waguih and Prime Speed Medical board members Ayman Sabry and Mahmoud Farrag \u2014 in a transaction that would have seen it own 100% of Prime Speed.<\/p>\n<p><strong>On today\u2019s episode of Family Feud: <\/strong>Minutes of SPMD\u2019s board of directors published in the filing listed out a series of grievances to explain why the company will not be going through with the acquisition. As SPMD tells it, Prime Speed\u2019s owners were a bit pushy, trying to get the sale moving \u201cin an exaggerated way that goes beyond normal commercial transactions.\u201d This got alarms ringing over at SPMD, who claim to have become suspicious of Prime Speed\u2019s intentions (the majority shareholders were looking for a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9f2be53e-6ddc-4c80-bbc5-7b05bac307c2\">share swap agreement<\/a>) as regarded SPMD\u2019s shares once they got transferred over.<\/p>\n<p><strong>The list goes on: <\/strong>The board of SPMD also cited Prime Medical\u2019s alleged inability to achieve sales targets on its covid-19 air purifier, alleged failure to launch projects other than their drive-through tests, and alleged lack of \u201cideas and direction\u201d for the post-covid era. The increased competition from firms providing testing as well as SPMD\u2019s positive cashflow made the acquisition unnecessary, the filing claims.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Speed Medical speedily backs away from Prime Speed acquisition faster than Speedy Gonzales: Speed Medical (SPMD) will not go through with acquiring an additional 70% stake in its \u201csister\u201d company Prime Speed Medical, saying in a bourse filing (pdf) today that it was \u201ccontent with its current 30% stake.\u201d SPMD had been looking to acquire [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":564364,"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":[10045],"tags":[633,7115,7128,3147,551],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-564363","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round-ma-watch","tag-enterprisepm","tag-healthcare","tag-ma-watch","tag-prime-speed-medical","tag-speed-medical","wpautop","entry"],"acf":{"mongo_id":"dd42a6b4-c0fc-4b31-b54a-d58ce34e90ac","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/8\/535.jpg","photo_position":"above","related_issue":[564357],"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>A family feud brewing? 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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":565368,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/05\/fra-and-spmd-reject-fair-value-reports-ahead-of-prime-speed-takeover\/","url_meta":{"origin":564363,"position":1},"title":"FRA and SPMD reject fair value reports ahead of Prime Speed takeover","author":"enterpriseam admin","date":"5 April 2021","format":false,"excerpt":"FRA orders do-overs on SPMD, Prime Speed valuations ahead of takeover: The Financial Regulatory Authority (FRA) has ordered the reassessment of the fair value report on diagnostics and healthcare firm Speed Medical (SPMD) ahead of its acquisition of sister company Prime Speed Healthcare, the market regulator said in a statement\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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":560153,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/17\/speed-medical-buying-out-partners-in-prime-speed\/","url_meta":{"origin":564363,"position":2},"title":"Speed Medical buying out partners in Prime Speed?","author":"enterpriseam admin","date":"17 February 2021","format":false,"excerpt":"Diagnostics and healthcare firm Speed Medical (SPMD) wants to take 100% ownership of Prime Speed Healthcare, according to a report in Al Mal\u2019s print edition, citing unnamed sources that claim Speed Medical\u2019s board of directors signed off on the acquisition yesterday. The value of the transaction was not disclosed.The transaction\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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":554315,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/29\/fra-takes-legal-action-against-speed-medical\/","url_meta":{"origin":564363,"position":3},"title":"FRA takes legal action against Speed Medical","author":"enterpriseam admin","date":"29 December 2021","format":false,"excerpt":"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\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\/12\/541.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":564363,"position":4},"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":575326,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/12\/speed-medical-prime-speed-to-invest-egp-150-mn-in-new-lab-outfit\/","url_meta":{"origin":564363,"position":5},"title":"Speed Medical, Prime Speed to invest EGP 150 mn in new lab outfit:","author":"enterpriseam admin","date":"12 October 2020","format":false,"excerpt":"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 \u2014 in which SPMD holds a 30% stake \u2014 are setting up a new lab outfit, Masr Labs Company for Medical\u2026","rel":"","context":"In &quot;Speed Round&quot;","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\/564363","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=564363"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/564363\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/afternoon\/564357"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/564364"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=564363"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=564363"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=564363"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=564363"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=564363"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}