- On July 10, 2017
ACCRA, Ghana, July 10, 2017 (GLOBE NEWSWIRE) — Eco Medical Village Limited is pleased to announce that it has executed a $300 million financing term sheet with Milost Global Inc (the “Investor”) for the development of the largest private hospital in West Africa, right in the heart of Ghana in Accra. The financing is expected to be comprised of $100 million in equity capital and $200 million in debt. The proceeds are expected to be used for specific working capital, the development and construction of the hospital. The debt facility will bear interest at an annual rate of 5%, payable quarterly in cash. Construction at the site is expected to be launched following the closing of the financing and the filing with the U.S regulators for an initial public offering (IPO).
The Chief Executive Officer of Eco Medical Limited, Peter Ahiekpor said, “It’s a good day for Ghana and Africa as a whole today. Building a medical facility where the three major languages of Ecowas will be practiced will not be an easy journey by itself but is worth it. Lots of strategic planning has gone into this project for the last three years and based on the strength of this project, we are very glad to have an institutional investor like Milost to invest in this project that will bring medical care to the average African.”
In connection with the foregoing, the Investor has been granted the right to nominate 2 directors for Eco Medical Limited’s Board. Closing is expected to occur by July 31, 2017 and is subject to the execution of definitive documents. The financing was arranged and negotiated on behalf of Eco Medical Limited by Palewater Advisory Group Inc. Eco Medical Limited has also retained the services of Palewater Advisory Group as an in-house advisor pertaining to the IPO on Nasdaq.
The CEO of Milost Global Inc, Egerton Forster stated, “This is our first investment in Ghana and we are happy to be part of Eco Medical Village’s growth story, most importantly that we are investing our capital in a company with a great story to tell. We continue to look for great investment in Africa opportunities such as this.”
Mandla J. Gwadiso, the Chief Investment Officer of Milost Global Inc stated, “Peter and his team that is led by MB Africa Investments (Pty) Ltd have done an amazing job and this is nothing but proof that Ghana is not small and that it plays a crucial role in the enhancement of the West African economy as an emerging market. Milost looks for companies that resemble Eco Medical Village, companies with a prevailing and preeminent value creation strategy.”
About Eco Medical Limited
The Eco-Medical Village Limited is a Ghana based investment company that seeks to develop a 380-Ward (700 bed) State of the Art International Hospital Complex, Eco-Medical Hospital, for the middle and upper class citizens and residents of the West African sub region, who usually go to South Africa, North America, Europe, Cuba and India for medical care. The hospital is intended to be located in Accra, the Capital of Ghana with Satellite Units in all the countries in the sub-region. www.ecomedicalvillage.com
About Palewater Advisory Group Inc.
Palewater Advisory Group is a multinational corporate and public affairs advisory firm with headquarters in New York. We specialise in cross-border and M&A transactions, financing, public affairs, political campaign capital raising and strategy. Collectively as the team, we have had an excellent track record with more than 1000 references in our line of advisory work. We have a robust and yet solid network of contacts with specific focus on certain core industries, investment and banking communities. Our directors, leaders, professionals, and senior advisors collectively provide access to senior industrial, political, economic, government and financial decision makers throughout the world.
We provide individual and personal advice and react swiftly to our clients’ needs, while always providing direct access to the team, including the partners involved. As a professional services firm, we provide the best possible advice based on confidentiality and total discretion. We are committed to the principles of integrity and client service, and operate free from any conflict of interest. www.palewateradvisory.com
About Milost Global Inc
Milost Global Inc is an American Private Equity firm that is headquartered in New York City, with more than $25 billion in committed capital. Milost is at the intersection of creative investing and value creation. Milost is also a provider of alternative capital, mezzanine finance, and alternative lending to a broad range of industries across the globe including Technology, Transport, Cannabis, Education, Distribution, Mining, Oil & Gas, Financial Services, Healthcare, Pharmaceuticals, Real Estate, Alternative Energy and Infrastructure Development. www.milostglobal.com