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African Medical Investments plc ('AMI') is an AIM listed company (AIM:AMEI) focussed on becoming a leading supplier of private specialist hospitals across Africa offering quality in and outpatient services. Its hospitals fill a crucial role for international standard healthcare demand from the burgeoning middle classes, overseas...Read more
African Medical tops up finances with US$450,000 loanMarch 07 2012, 8:57am
The group, which runs private hospitals in Zimbabwe, Tanzania and Mozambique, said the money will be used for additional working capital.
The unsecured loan notes carry a 10% per annum coupon (compounded annually) which is repayable with the principal by February 2016 at the latest.
African Medical is targeting the market for private healthcare as demand increases from the growing African middle classes and the expatriate, non-governmental organisations, diplomatic and tourist markets.
The company owns and operates private hospitals in Dar es Salaam, Maputo and Harare.
Losses in the six months to August reduced from US$11.9 million to US$3.9 million, which reflected a 58% reduction in head office expenses.
In August, African Medical raised US$700,000 from Harbinger, also through the issue of loan notes with a 10 per cent coupon.
Shares were up slightly today at 2.6p.