African Medical Investments
African Medical Investments is the parent company of VIP Healthcare Solutions Limited which provides healthcare through private boutique hospitals, Well Woman Clinics and trauma centres, particularly to the expanding African middle classes and the expatriate, non-governmental organisations, diplomatic and tourist markets.
VIP Healthcare currently manages the Airport Medical & Travel Vaccination Centre at Johannesburg International Airport and Cape Town International Airport, The Trauma Centre in Harare and a 30 bed world class boutique hospital and Well Woman Clinic in Dar es Salaam. An additional boutique hospital, trauma centre and Well Woman Clinic in Maputo and Airport Medical & Travel Vaccination Centre at Kilimanjaro International Airport will be operational by Q2 2010.
The Company’s strategy is to develop VIP Healthcare into a leading owner and operator of trauma centres, Well Woman Clinics and boutique hospitals throughout Africa. The Board is currently evaluating additional opportunities in other African cities, including Accra, Nairobi and Kampala.
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.
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Other African Medical Investments articles
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08/12/09 African Medical gains further momentum in medical insurance market with Interhealth deal
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30/11/09 African Medical Investments evaluates possible expansion locations, patient numbers high at all facilities
Other African Medical Investments news
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28/01/10 African Medical Investments to open new day clinic in Nairobi, Kenya
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10/11/09 African Medical Investments draws down US$20.25 mln from Harbinger Capital loan
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30/10/09 African Medical Investments agrees US$47 mln equity line with Harbinger Capital fund for expansion plans