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Rana Mamdouh
The Egyptian Financial Supervisory Authority (EFSA) has approved the filing of Speed Medical's capital increase disclosure form, increased from LE 52 million to LE 71.327 million, for the purpose of l ;examination.
The company said in a statement to the stock market today that this increase, estimated at 19.327 million pounds, was financed from the profits reported in the financial statements for the year ended 31/12 / 2018.
As a result, EGX has decided to suspend the trading of the company's stock for 10 minutes from the trading session until the news published.
On July 21, Speed Medical 's board of directors decided, at its meeting on July 20, 2019, to raise the capital by $ 52 million to 71.327 million pounds.
The increase is part of the development of the conversion of the SME exchange to the main exchange by Spid.
The company posted a net profit of 5.81 million pounds from the beginning of January to the end of March 2019, compared with 4.62 million pounds in the same period last year.
Speed Medical's revenues in the first three months of 2019, when it had recorded 20.18 million pounds at the end of March, compared with 13.12 million pounds in the same period in 2018.
On the list of independent companies, the company's profits increased in the first quarter of 2019, registering 5.81 million pounds at the end of March, against 4.62 million pounds in the same quarter the previous year.
Speed Medical reported that the results of the independent and consolidated first quarter lists were consistent, due to the failure of Speed Hospital.
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