www.africanmedicalinvestments.com
AMI’s objective is to create the largest private hospital network in Africa, offering high quality in and out patient service. Its strategy is centred on capitalising on the continent’s demand for quality international standard healthcare, particularly from the emerging middle classes, overseas business investors, Governments and health insurers.
The Company currently has three operational private specialist hospitals in: Maputo, Mozambique; Dar es Salaam, Tanzania; and Harare, Zimbabwe in addition to a dedicated medical air evacuation service.
The Board of AMI believes that there is significant potential for rapid expansion across the continent and is targeting established private medical markets including Uganda, Ghana and Nigeria. Expansion may come in the form of investments in existing facilities, taking control of hospital management contracts or constructing new hospitals.
African Medical Investments draws down US$20.25 mln from Harbinger Capital loan
African Medical Investments PLC (AIM: AMEI) has drawn down an initial US$20.25 million after expenses in line with the late October agreement on a US$47 million equity line with an investment fund managed by New York based Harbinger Capital Partners LLC.
The strategic investment from Harbinger Capital Partners Master Fund I Ltd secures the financing for the roll-out of boutique hospitals, Well Woman Clinics and trauma centres across Africa, targeting a total of ten healthcare facilities to be operational by 2012.
African Medical said today that Harbinger has subscribed for 74,001,000 shares in the company at 18 pence per share, being 38.14 percent of the enlarged issued share capital. The money raised in this initial subscription will be utilised, in part, for the development of the new boutique hospital in Maputo, Mozambique, which is targeted to be operational in March 2010.
The drawdown was scheduled in the loan facility agreement. Further drawdowns will continue quarterly until the first quarter of 2013, by which time Harbinger will have subscribed for approximately US$47 million worth of ordinary shares in the company, taking its holding to 50 percent plus 1,000 shares.
African Medical currently manages the Dar es Salaam Trauma Centre & Well Woman Clinic, The Airport Medical & Travel Vaccination Centres at Johannesburg International Airport and Cape Town International Airport and the Trauma Centre in Harare.
The next phase of African Medical's growth will commence with the opening of the boutique hospital in Maputo. This facility will replicate African Medical's current flagship medical centre in Dar es Salaam, which benefits from a fully operational trauma centre with 30 beds including four Intensive Care Unit beds and two neonatal ICU incubators.
African Medical is the parent company of VIP Healthcare Solutions Ltd which provides healthcare in niche areas, particularly to the expanding African middle classes and the expatriate, non-governmental organisations, diplomatic and tourist markets.
