{"id":565368,"date":"2021-04-05T13:49:40","date_gmt":"2021-04-05T13:49:40","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/05\/fra-and-spmd-reject-fair-value-reports-ahead-of-prime-speed-takeover\/"},"modified":"2021-04-05T13:49:40","modified_gmt":"2021-04-05T13:49:40","slug":"fra-and-spmd-reject-fair-value-reports-ahead-of-prime-speed-takeover","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/05\/fra-and-spmd-reject-fair-value-reports-ahead-of-prime-speed-takeover\/","title":{"rendered":"FRA and SPMD reject fair value reports ahead of Prime Speed takeover"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-04\"><\/a> <strong>FRA orders do-overs on SPMD, Prime Speed valuations ahead of takeover:<\/strong> 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 <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7aeea8d0-862c-444b-83e8-37da4c6b8313\">acquisition of sister company Prime Speed Healthcare<\/a>, the market regulator said in a <a href=\"https:\/\/ent.news\/2021\/4\/FRA-Speed-Medical.pdf\">statement (pdf)<\/a>. The FRA also ordered a re-evaluation of Prime Speed Healthcare to ensure both companies\u2019 fair value reports are \u201ccompatible with Egyptian financial valuation standards,\u201d the statement said. Speed Medical\u2019s board of directors also rejected the valuation, according to a separate <a href=\"https:\/\/ent.news\/2021\/4\/Speed-Medical.pdf\">statement (pdf)<\/a> yesterday, with Chairman Mahmoud Lasheen telling CNBC Arabia that the board does not believe the valuation reflects the company\u2019s true value (<a href=\"https:\/\/www.cnbcarabia.com\/news\/view\/81648\/%D8%B1%D8%A6%D9%8A%D8%B3-%D9%85%D8%AC%D9%84%D8%B3-%D8%A5%D8%AF%D8%A7%D8%B1%D8%A9-%D8%B4%D8%B1%D9%83%D8%A9-%D8%B3%D8%A8%D9%8A%D8%AF-%D9%85%D9%8A%D8%AF%D9%8A%D9%83%D8%A7%D9%84-%D9%84%D9%80CNBC-%D8%B9%D8%B1%D8%A8%D9%8A%D8%A9-%D8%A7%D9%84%D8%B4%D8%B1%D9%83%D8%A9-%D8%B3%D8%AA%D8%B7%D9%84%D8%A8-%D8%AA%D9%82%D9%8A%D9%8A%D9%85-%D8%AC%D8%AF%D9%8A%D8%AF-%D9%84%D9%84%D8%B3%D9%87%D9%85-%D8%A8%D9%86%D8%A7%D8%A1-%D8%B9%D9%84%D9%89-%D9%86%D8%AA%D8%A7%D8%A6%D8%AC-Q1-2021.html\">watch, runtime: 6:53<\/a>).<\/p>\n<p><strong>What the auditors think SPMD and Prime Speed are worth:<\/strong> Eagle Capital \u2014 which prepared the report on behalf of Economic Group Financial Consulting Company \u2014 had valued Speed Medical at EGP 2.4 bn and Prime Speed at EGP 1.8 bn. SPMD will not be hiring a new auditor to prepare the revised fair value reports, the company said in a separate <a href=\"https:\/\/ent.news\/2021\/4\/Speed-Medical-05.04.2021.pdf\">statement (pdf)<\/a> Monday. The company will ask the independent auditor to wait until 1Q2021 results are issued before reassessing, it said in the statement.<\/p>\n<p><strong>The rejection follows the SPMD <\/strong><strong>board's <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/71c55782-46a2-4367-b658-622137996846\">sign<\/a><\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/71c55782-46a2-4367-b658-622137996846\">off earlier this week<\/a><\/strong><strong> on <\/strong><strong>the takeover of Prime Speed<\/strong> in a transaction that would give Speed Medical 100% ownership of Prime Speed for Medical Services, in which it currently holds a 30% stake. Speed Medical will proceed with the acquisition once it obtains 75% General Assembly approval, it said in the disclosure Sunday.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 (pdf). The FRA also ordered [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"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":[3079,633,76,7128,551],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-565368","post","type-post","status-publish","format-standard","hentry","category-speed-round-ma-watch","tag-eagle-advisors","tag-enterprisepm","tag-financial-regulatory-authority","tag-ma-watch","tag-speed-medical","wpautop","entry"],"acf":{"mongo_id":"a92e2430-f33e-465f-8cf4-56f40620befe","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[565358],"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 and SPMD reject fair value reports ahead of Prime Speed takeover - 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\/04\/05\/fra-and-spmd-reject-fair-value-reports-ahead-of-prime-speed-takeover\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FRA and SPMD reject fair value reports ahead of Prime Speed takeover\" \/>\n<meta property=\"og:description\" content=\"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 (pdf). The FRA also ordered [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2021\/04\/05\/fra-and-spmd-reject-fair-value-reports-ahead-of-prime-speed-takeover\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2021-04-05T13:49:40+00:00\" \/>\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\/04\/05\/fra-and-spmd-reject-fair-value-reports-ahead-of-prime-speed-takeover\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/04\/05\/fra-and-spmd-reject-fair-value-reports-ahead-of-prime-speed-takeover\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"FRA and SPMD reject fair value reports ahead of Prime Speed takeover\",\"datePublished\":\"2021-04-05T13:49:40+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/04\/05\/fra-and-spmd-reject-fair-value-reports-ahead-of-prime-speed-takeover\/\"},\"wordCount\":271,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"keywords\":[\"Eagle Advisors\",\"EnterprisePM\",\"Financial Regulatory Authority\",\"M&amp;A Watch\",\"Speed Medical\"],\"articleSection\":[\"SPEED ROUND: M&amp;A WATCH\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/04\/05\/fra-and-spmd-reject-fair-value-reports-ahead-of-prime-speed-takeover\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2021\/04\/05\/fra-and-spmd-reject-fair-value-reports-ahead-of-prime-speed-takeover\/\",\"name\":\"FRA and SPMD reject fair value reports ahead of Prime Speed takeover - 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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":545877,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/14\/speed-medicals-fra-lawsuits-suspended-as-it-mounts-appeal\/","url_meta":{"origin":565368,"position":1},"title":"Speed Medical\u2019s FRA lawsuits suspended as it mounts appeal","author":"enterpriseam admin","date":"14 April 2022","format":false,"excerpt":"Speed \u200b\u200bMedical (SPMD) appeals FRA lawsuits, to be reviewed on 11 June: Speed Medical said (pdf) yesterday that a Cairo court\u2019s ruling \u2014 issued on April 12 \u2014 on two lawsuits brought against it by the Financial Regulatory Authority (FRA) will be suspended will it appeals the judgment. 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":565368,"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":560153,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/17\/speed-medical-buying-out-partners-in-prime-speed\/","url_meta":{"origin":565368,"position":3},"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":565675,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/22\/the-market-on-22-april-2021\/","url_meta":{"origin":565368,"position":4},"title":"The market on 22 April 2021","author":"enterpriseam admin","date":"22 April 2021","format":false,"excerpt":"The EGX30 fell 0.4% at today\u2019s close on turnover of EGP 923 mn (29.6% below the 90-day average). Foreign investors were net buyers. The index is down 2.3% YTD.In the green: SODIC (+4.8%), Orascom Development (+2.4%) and Orascom Financial (+1.7%).In the red: AMOC (-1.6%), CIB (-1.2%) and Fawry (-1.1%). MARKET\u2026","rel":"","context":"In &quot;GO WITH THE FLOW&quot;","block_context":{"text":"GO WITH THE FLOW","link":"https:\/\/enterpriseam.com\/egypt\/category\/go-with-the-flow\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","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":565368,"position":5},"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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/565368","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=565368"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/565368\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/afternoon\/565358"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=565368"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=565368"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=565368"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=565368"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=565368"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}