Cairo – Mubasher: Speed Medical has secured loans with a 5% interest rate under the Central Bank of Egypt’s (CBE) finance initiative for small and medium-sized enterprises (SMEs).
The secured loans were used to build a hospital, medical labs, and clinics, company’s chairman Mahmoud Lasheen stated.
Two banks approved a credit facility requested by Speed Medical to resume the construction of a hospital on Ismailia Desert Rd with a total cost of EGP 180 million, Lasheen added.
The top official noted that both banks had requested his company to suspend the distribution of dividends until the repayment of the loan.
Following the repayment of the loan, the EGX-listed company’s surplus rate will increase, which will allow for the payment of huge dividends, Lasheen revealed.
Speed Medical is planning to increase the number of its labs in Egypt to 150 within the next five years.
