- On July 20, 2017
ACCRA, Ghana, July 19, 2017 (GLOBE NEWSWIRE) — Palewater Global Management Inc. is pleased to announce that Eco Medical Village Limited has signed a binding commitment letter with Milost Global Inc under the Mesa Fund 1, a global opportunity fund that is managed by Milost global Inc. This is for a facility of up to $300 million to fund the development of the largest private hospital in West Africa, which will be constructed right at the heart of Accra in Ghana. The commitment is made up of $100 million in equity and $200 million in debt capital. Within the two weeks, the Company will also appoint a US based PCAOB registered accounting firm that will work hand in hand with the company’s Ghana based audit firm, Audax Chartered Accountants to complete an SEC approved audit with the purposes of preparing for the IPO filing with the SEC in August.
“The completion of this financing will significantly reduce Eco Medical’s interest expense and will provide the working capital necessary to support the Pre-IPO Road Shows in the US, Canada, and Africa from the beginning of August. We look forward to working with Eco Medical to continue to grow our company to become the largest hospital group in Africa.” This transaction is advised and managed by Palewater Advisory Group Inc.
President & CEO of Milost Global, Egerton Forster, stated, “We are pleased to have partnered with Eco Medical Village Limited in this great opportunity. This is part of Milost Global’s strategy to develop Africa and deploy at least $10 Billion in African opportunities within the next 12 to 18 months.
Peter Ahiekpor, the CEO of Eco Medical Village Limited, said, “Milost Global equity funding has indeed changed the dynamics of funding projects in Africa. It has shown that Africa as an emerging market needs to attract more private funding to sustain its economic growth. Our final objective is to replicate this medical facility model across the length & breadth of Africa. We know with the involvement of Milost Global, this reality will come to fruition. Once again, this investment shows there is a market in Africa for medical services that will improve the life expectancies of the average African.”
Mandla J. Gwadiso, the Chief Investment Officer of Milost Global Inc also stated, “The Eco Medical Village team, which is supported by a very strong Board of Directors, demonstrates a very clear and straightforward business model where we feel that our resources will be used in a way that will generate good financial results and build shareholder value that surpasses our Fund’s expectations. It is our goal to invest in opportunities like this, where the upside outweighs the opposite and management’s innovation is at the fore of the industry.”
About Eco Medical Limited
The Eco Medical Village Limited is a Ghana based investment company that seeks to develop a 500-Ward (1,100 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 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
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
Source: Nasdaq globenewswire