African Medical Investments (LON:AMEI) has secured a US$375,000 loan from its major shareholder Harbinger Capital Partners to provide working capital for its network private hospitals in Africa.
This new financing adds to the US$450,000 loan provided by Habringer last month.
The unsecured loan notes carry an 18 percent per annum coupon and are repayable on February 2 2016.
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.