Speed Medical Laboratories and its sister company Prime Speed Medical announced the establishment of a new company under the name Egypt Laboratories for Medical Services to expand their work in the Egyptian market.
In a statement, Mahmoud Lashin, Chairperson of Speed Medical, said the new entity aims to establish 200 medical laboratories nationwide within two years under the Egypt Laboratories brand.
Lashin also said that the company aims to establish the first 100 branches at an investment cost of EGP 150m within a year.
He added that Egypt Laboratories would operate under the slogan “Egypt Laboratories… For the People of Egypt”, with the laboratories acting as an extension of Speed Medical’s laboratories activity. The new company will use two brands to target accessing a larger share of the market, and serve a larger segment of citizens.
The new laboratories will focus on different segments and multiple new contracts, while Speed Labs will complete its current expansion to 200 branches within the next two years.
Speed Medical and Prime Speed Medical will each own 30% of Egypt Laboratories. The remaining 40% will be owned by businesspeople Tamer Wageeh, Mahmoud Farrag, and Ayman Sabry, among others.
Lashin said that the use of two brands for expansion will put Speed Medical and Prime Speed on the road to becoming the largest provider of medical laboratory services in Egypt. It will see the partnership develop 400 branches during the next two years, making it the largest service provider in the country to date.
The alliance of the two companies, with businesspeople Tamer Wageeh and Ayman Sabry, announced the establishment of Prime Speed for Medical Services in March. The alliance aims to find solutions to help the state expand in terms of providing medical services.
Trading in Speed Medical shares on the Egyptian Exchange (EGX) started in April 2019, after offering 25% of its capital.