Speed Medical Company seeks to acquire Misr Labs, which will see the company’s branches go up to eight. Speed Medical’s new branches will be located in the Cairo district of Manial, in Atfih, and in Beni Suef.

The company added that it will start the due diligence examination on the laboratories, which is scheduled to take about three months.

Speed Medical revealed that the deal is worth a maximum of EGP 10m, provided that an annual audited sales rate, at a value of EGP 5.58m, is achieved during the three months of examination.

The company reported profits of EGP 21.2m during the first half (H1) of 2020, compared to EGP 10.75m in the same period of 2019. Its revenues rose to EGP 59.1m at the end of last June, compared to revenues of EGP 39.3m in the same half of 2019.