The Board of Directors of “Speed Medical” company decided to implement the deal to acquire the majority of the shares of the “Prime Speed Healthcare” company, which owns 70% of the shares of the capital of “Prime Speed Medical Services”.
It was decided to implement the transaction without cash payment, with the value of those shares recorded as a credit balance in the records of Speed Medical Company in favor of the selling partners of Prime Speed Healthcare, and the capital of Speed Medical is increased at the fair value to the old shareholders to pay the value of the purchase transaction.
She added that in the event of insufficient liquidity resulting from the increase by the old shareholders, the proceeds of the subscribed part shall be paid to the company’s creditors as part of the price of the shares acquired.
The Board of Directors of Speed Medical also decided to appoint the Economic Group for Financial Consulting as an independent financial advisor to evaluate the shares of Prime Speed Healthcare, where the value of the deal exceeds 10 percent of the ownership rights of Speed Medical, and Zaki Hashem and Partners were also appointed as a legal advisor to the company in the deal.
The company indicated that the framework agreement was signed with the shareholders of Prime Speed Healthcare.
The company stated that “Prime Speed” contributed about 35.5 million pounds to Speed Medical’s profits during 2020, which represents 45% of the net profit.
The article “Speed Medical” decided to implement the deal to acquire “Prime Speed” was written in Al-Borsa newspaper.