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 wins advertising deal with AIG Travel Assist
African Medical Investments PLC (AIM: AMEI) said it has signed an agreement with American International Group (NYSE: AIG) unit AIG Travel Assist under which African Medical's healthcare facilities will be recommended by AIG Travel to its clients in need of medical care when travelling in Africa.
Financial details were not disclosed.
In a statement, the group said AIG Travel has an extensive client list which includes more than half of the UK's largest 1,000 companies as well as over four million individual consumers worldwide. The agreement will see African Medical's healthcare facilities recommended by AIG Travel to its members who fall ill or need medical treatment during their stay in Africa. These will be marketed through its provider directories and websites.
Following treatment of AIG Travel participants, all expenses will be billed directly to AIG Travel for payment within 30 days.
At the end of October, African Medical announced the 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.
The company plans to have ten sites operational by 2012.
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 a second boutique hospital, trauma centre and Well Woman Clinic in Maputo, Mozambique, which is targeted to be operational in March 2010. 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.
Assuming a full draw-down of the facility, at the end of the three year period Harbinger will own 50 percent plus 1,000 shares of the total issued share capital of African Medical.
By that time, being the first quarter of 2013, the board expects that the company's portfolio of medical facilities will have reached critical mass and future expansion will be funded from internal cash flow.
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.
