Cairo – Mubasher: Speed Medical Company announced that its board of directors decided to acquire City Lab with all its medical laboratories in the local market.
The acquisition, still subject to shareholder approval, will not be implemented unless after obtaining satisfactory results of the legal, tax, technical, and financial due diligence process, the company said in a statement to the Egyptian Exchange (EGX) on Thursday.
The final price of the acquisition will be determined after reviewing the findings of the due diligence process and the independent financial advisor report.
The company’s board of directors also approved to pay for the deal through a stock-swap agreement.
It is noteworthy to mention that during the first quarter of 2020, Speed Medical Company reported net profits of EGP 7.17 million, up from EGP 5.18 million in the year-ago period.
