{"id":572112,"date":"2020-06-11T04:14:18","date_gmt":"2020-06-11T04:14:18","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/06\/11\/speed-medical-will-acquire-city-labs-in-the-coming-months\/"},"modified":"2020-06-11T04:14:18","modified_gmt":"2020-06-11T04:14:18","slug":"speed-medical-will-acquire-city-labs-in-the-coming-months","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/06\/11\/speed-medical-will-acquire-city-labs-in-the-coming-months\/","title":{"rendered":"Speed Medical will acquire City Labs in the coming months"},"content":{"rendered":"<p><strong>M&A WATCH- Speed Medical (SPMD) is set to acquire 100% of <\/strong><strong><a href=\"http:\/\/www.citylab-eg.com\/?fbclid=IwAR2zylQPUvTHorD3tFTbATWZ6cxn5BLhtcZUb6Mesk1M1IwJTkDjANAomak\">City Labs<\/a><\/strong><strong> in the coming <\/strong><strong>months<\/strong> once SPMD completes a EGP 220 mn capital increase and <a href=\"https:\/\/alborsaanews.com\/2020\/06\/10\/1356377\">completes due diligence<\/a> on City Lab, according to <a href=\"https:\/\/bit.ly\/3cPG8cu\">Hapi Journal<\/a>. The two had already set up a joint venture, CitySpeed, in 2018. The JV is responsible for operations and management of 23 medical labs in Port Said, Port Fouad, Suez, Ismailia, Damietta, Mansoura and Mahalla.<\/p>\n<p><strong>SPMD\u2019s capital increase also paves the way for the company to become EGX-listed:<\/strong> The company has <a href=\"https:\/\/enterprise.press\/stories\/2019\/03\/28\/speed-medical-to-debut-on-egx-in-six-months-after-upcoming-nilex-ipo\/\">had its eye<\/a> on two capital increases since late last year to help it move from the small-cap NileX to the EGX. The planned EGP 220 mn capital increase will qualify the company for listing on the main market, according to <a href=\"https:\/\/bit.ly\/3cSiPhU\">Hapi Journal<\/a>. SPMD is using the capital increase to purchase an 800 sqm plot of land adjacent to its Al-Obour medical facility on the Ismailia Desert Road, while the remainder will be directed towards expanding the facility and its network of analysis labs. The Egyptian healthcare company announced <a href=\"https:\/\/enterprise.press\/stories\/2019\/11\/18\/speed-medical-to-invest-egp-160-mn-in-2020-6467\/\">last year<\/a> plans to invest EGP 160 mn in 30 labs and outpatient clinics over the course of 2020.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>M&#038;A WATCH- Speed Medical (SPMD) is set to acquire 100% of City Labs in the coming months once SPMD completes a EGP 220 mn capital increase and completes due diligence on City Lab, according to Hapi Journal. The two had already set up a joint venture, CitySpeed, in 2018. The JV is responsible for operations [&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":[8572],"tags":[102,107,7106,68,72,7115,326,9307,5279,551,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-572112","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-capital-markets","tag-covid-19","tag-debt","tag-egx","tag-enterpriseam","tag-healthcare","tag-laboratories","tag-safwa","tag-safwa-labs","tag-speed-medical","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"a5d8b082-3b52-412a-95c9-35e4d5bb02b9","is_powered_by":true,"section_story_id":"8e44c93f-4611-4914-bf37-a9990128b4df","story_type":"1","photo_url":"","photo_position":"above","related_issue":[572102],"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>Speed Medical will acquire City Labs in the coming months - 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\/2020\/06\/11\/speed-medical-will-acquire-city-labs-in-the-coming-months\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Speed Medical will acquire City Labs in the coming months\" \/>\n<meta property=\"og:description\" content=\"M&amp;A WATCH- Speed Medical (SPMD) is set to acquire 100% of City Labs in the coming months once SPMD completes a EGP 220 mn capital increase and completes due diligence on City Lab, according to Hapi Journal. The two had already set up a joint venture, CitySpeed, in 2018. The JV is responsible for operations [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2020\/06\/11\/speed-medical-will-acquire-city-labs-in-the-coming-months\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2020-06-11T04:14:18+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\/2020\/06\/11\/speed-medical-will-acquire-city-labs-in-the-coming-months\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/06\/11\/speed-medical-will-acquire-city-labs-in-the-coming-months\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Speed Medical will acquire City Labs in the coming months\",\"datePublished\":\"2020-06-11T04:14:18+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/06\/11\/speed-medical-will-acquire-city-labs-in-the-coming-months\/\"},\"wordCount\":199,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"keywords\":[\"capital markets\",\"covid-19\",\"debt\",\"EGX\",\"EnterpriseAM\",\"healthcare\",\"laboratories\",\"Safwa\",\"Safwa labs\",\"Speed Medical\",\"SPEED ROUND\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/06\/11\/speed-medical-will-acquire-city-labs-in-the-coming-months\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2020\/06\/11\/speed-medical-will-acquire-city-labs-in-the-coming-months\/\",\"name\":\"Speed Medical will acquire City Labs in the coming months - 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