- Created: Tuesday, 10 April 2018 22:53
- Written by Nasdaq GlobeNewswire
- Hits: 215
NEW YORK, April 10, 2018 (GLOBE NEWSWIRE) -- Williamsville Sears Management Inc. (OTC Pink:WSML) ("WSML" or the "Company") is pleased to announce that it has signed a Letter of Intent (the "LOI") for the acquisition of PrimewaterView Limited, a Nigerian-based real estate and investment firm, in an all-stock transaction subject to the approval by both companies of definitive documents and the achievement of certain other milestones. PrimewaterView Limited is the number 4 largest real estate development, sales and investment company in Nigeria.
The acquisition anticipated by the LOI is the result of a process initiated following WSML's strategic review announced a week ago. If consummated, WSML will own 100% of the outstanding shares of PrimewaterView Ltd. The due diligence process will follow immediately, PrimewaterView already has PCAOB Audits for over three years now. Since formation, PrimewaterView has developed a total of 702 units, 652 of those have been sold and 50 of those are currently on the market being sold by PrimewaterView. Click the link for completed projects: http://primewaterviewholdings.com/completed-projects/ and https://www.youtube.com/watch?v=CGdrGav7K4M
- Created: Thursday, 29 March 2018 18:25
- Written by Nasdaq GlobeNewswire
- Hits: 217
NEW YORK, March 29, 2018 (GLOBE NEWSWIRE) -- White Smile Global, Inc. also known as Williamsville Sears Management Inc. (OTC Pink:WSML) ("WSML" or the "Company") is pleased to announce that it has signed a Letter of Intent (the "LOI") for the acquisition of FPL Holdings Inc, a New York based investment holding firm, in an all-stock transaction.
Subject to the approval by both companies and the achievement of certain milestones a definitive agreement will be prepared with the final terms for execution. The LOI is the result of WSML's strategic plans to target and bring value to the shareholders.
According to the terms of the LOI, if consummated, WSML will aquire 100% of the outstanding shares of FPL Holdings Inc. and all its subsidiary companies that include Femab Properties Limited in Nigeria. FPL Holdings has a Net Asset Value (NAV) of an estimated $380 million (USD). Audits of FPL and its subsidiaries are underway to confirm all information prior to closing.
Further, WSML will have ten Board of Directors. Four members to be appointed by FPL Holdings Inc, two by Palewater Global Management Inc, two by Milost Global Inc. and two independent members by WSML.
- Created: Monday, 19 March 2018 15:56
- Written by Source: Andrea Ayemoba - Africa Business Communities
- Hits: 318
US-based private equity investor Milost Global has signed a deal to invest $250 million in Resort Savings & Loans, a financial services company.
In a notice sent to the Nigerian Stock Exchange (NSE) the Mortgage bank said the financing agreement with Milost Global is part of the terms of the agreement, Milost will invest $250 million in the bank comprising $100 million as equity capital and $150 million as debt.
The transaction will take place through a private placement, subject to the approval of the NSE, Securities and Exchange Commission (SEC) and the Central Bank of Nigeria (CBN). Resort Savings in December last year had notified stakeholders that it was in talks with a local investor to invest ₦8 billion in the bank. Talks regarding this are still ongoing.
Olayemi Rabiu the chief executive officer of Resort Savings & Loans PLC, said, “The investment will enable the company to assume the leadership role in the mortgage banking business in Nigeria, the West African sub-region and Africa as a whole as well as contribute excellently to the growth in African economies.”
This marks the third major transaction Milost has executed with a Nigerian entity. The firm had recently indicated that it was in discussions to acquire a large Nigerian bank, reportedly Unity bank.
In February, Japaul Oil announced it had signed a $350 million financing agreement with Milos. The funds will be channeled towards its mining projects.
In January, Milost Global acquired Primewaterview Holdings Nigeria Limited for $1 billion. Primewaterview is a diversified holding company with a portfolio of Real Estate, Oil & Gas, Quarry Mining, Healthcare and Power.
- Created: Monday, 19 March 2018 13:56
- Written by Emele Onu - Bloomberg.com
- Hits: 315
- Firm is said to get initial stake of about 30% in Unity Bank
- Deal is said to involve combination of shares and debt
Milost Global Inc. is looking to inject as much as $1 billion to recapitalize Nigeria’s Unity Bank Plc, which is struggling to build buffers after a slowdown in Africa’s biggest economy, according to two people familiar with the matter.
New York-based Milost offered to invest $700 million in equity and $300 million in five-year bonds that can be converted into shares in the Nigerian lender, said one of the people, who asked not to be identified as talks are confidential. The private-equity firm will get an initial stake of about 30 percent in the Lagos-based bank in exchange for its first equity investment of $250 million, the person said.
The transaction is still subject to a due diligence as well as regulatory approvals, the people said. The first part of the deal may be completed in the second quarter, one of the people said. The rest of the cash will be drawn down in intervals over a period of four years, provided Unity Bank has sufficient shares to issue to Milost, one of the people said.
Some small- and mid-sized Nigerian lenders are battling to rebuild capital levels after a slump in oil prices triggered a foreign-currency shortage and a contraction in the country’s economy in 2016 made it difficult for businesses to repay loans. Unity Bank, which was formed out of the merger of nine banks between December 2005 and March 2006, said in April last year that it is in talks to sell its non-performing loans to avoid penalties after missing a deadline set by regulators on its recapitalization plans.