Speed Medical Company (SPMD) has signed a financing contract worth EGP 1.57bn with Global Emerging Markets Group (GEM) investment fund for three years.
In a statement to the Egyptian Exchange on Tuesday, Speed Medical said that the fund manages $3.4bn assets, and is headquartered in Luxembourg. It also has offices in France, New York, and the Bahamas.
SPMD added that the financing will be available at the company’s disposal for three years in return for leasing the company’s shares for a period of 36 months.
The funding would help the company finance its expansions and repay all outstanding bank loans.
Speed Medical achieved profits of EGP 108.07m during the period from January to June in 21, compared to EGP 21.24m in the same period of 2020. The company’s revenues increased to EGP 175.06m in June, compared to the EGP 59.1m in June 2020.