Speed Medical first company to jump from Egypt’s SME exchange to EGX

Speed Medical Co (SPMD) will be on Sunday the first company to make a jump transition from trading its shares on Egypt’s small and medium-size enterprises stock exchange (NILEX) to join the Egyptian Exchange (EGX).

The EGX’s registration committee approved the listing following SPMD’s 221.8 million Egyptian-pound ($14.1 million) capital increase, the company said in a statement on Thursday.

SPMD – which joined the NILEX in April 2019 – previously revealed it plans, saying it would use the capital increase to expand its Al-Obour medical facility on the Ismailia Desert Road, and grow its network of analysis labs.

In 2010, the NILEX was launched with the goal of helping promising SMEs obtain the finance necessary to expand and grow, which should increase their ability to compete and provide more jobs.