Femab Properties Receives the Initial Drawdown of $10 million from MESA Fund 1
- Created: Tuesday, 19 December 2017 11:51
- Written by Super User
VICTORIA ISLAND, Nigeria, Dec. 19, 2017 -- Femab Properties Limited, a Nigerian based Real Estate development & Investment company, announced today that the Company has received the proceeds of the initial drawdown to a total tune of $10 million, the same is the result of the financing agreement that Femab signed with Milost Global Inc under the MESA Fund 1 for a facility of $500 million. The transaction was advised by Palewater Advisory Group Inc and Mayo BV.
Abiodun Aguda, CEO of Femab, stated, “This initial draw down is a confirmation of the Milost Global Inc. commitment to investment in Nigeria being the largest and most vibrant economy in Africa and reposed belief in the vision of Femab Properties. The funds will immediately be deployed to the completion of the ongoing projects and also to set up IT sophisticated infrastructure in order to drive our real estate solution which we have decided to take to the academic environment by delivering comfortable accommodation to students in tertiary institutions with a view to growing shareholder value. Our profound and sincere appreciation goes to our Financial Advisor, Mr Femi Bello, the CEO of MAYO BV and Palewater Advisory Group Inc Johannesburg Office for this epoch making and historical transaction.”
CFO of Femab, Adeyemi Gafar, stated, “With this drawdown, Femab Properties will set the pace in African real estate and infrastructural sector, we are poised to redefine the industry. With the support of Milost Global, our long vision of being a household name and a dominant force in the real estate industry has surely been solidified. The contribution of real estate sector to the economic growth of Nigeria and Africa in general would improve significantly. The fund would help significantly in fast-tracking some of the ongoing developments and bring superlative earnings to all stakeholders."
Primewaterview Receives the First Drawdown from the $2-billion Milost Equity Subscription Agreement
- Created: Thursday, 14 December 2017 20:47
- Written by Nasdaq GlobeNewswire
VICTORIA ISLAND, Nigeria, Dec. 13, 2017 (GLOBE NEWSWIRE) -- Primewaterview Limited (www.primewaterviewng.com), a Nigerian based Real Estate development & holding company, announced today that the Company has received a portion of the first drawdown of $1.2 million from the $2-billion financing facility previously committed by Milost Global Inc., a U.S. private equity firm, and expects to receive additional funds from Milost Global Inc. The transaction was advised by Palewater Advisory Group Inc.
The Company intends to use the proceeds of the first drawdown to fund for short-term working capital and pay transaction related expenses.
Prince Adetunji Ogunwusi, Chairman and CEO of Primewater, stated: “The desire to make a difference and seeing where it actually happens lead us at Primewaterview to ponder and seek for Milost Global. They gave us lots of inspiration and ideas into building for today and what it will be in the future. The inspiration of Milost Global is indeed genuine.”
Solly Asibey, Senior Partner & President of Milost Global Africa, said, “Working hand in glove with Primewaterview and its executives contributed positively towards expediating the process to achieving financial close within record time. This is the first of many drawdowns that we will be honouring for Primewaterview, and we are looking forward to playing our part in the success of Primewaterview moving forward.”
Visual International expects its cash-flow constraints to ease
- Created: Friday, 01 December 2017 12:09
- Written by Roy Cokayne, Pretoria News
VISUAL International, the AltX-listed property development firm, expects its cashflow constraints to improve following the finalisation of a funding agreement with Milost Global for equity and debt funding of up to R500 million.
However, the group said yesterday that the previously reported cash-flow constraints remained, but the situation had improved and would continue to improve because of the Milost Global transaction. It said the first equity draw down by the group was received from Milost on November 17.
The cash-flow constraints resulted from the group’s inability to generate revenue from property development and sales.
The Milost agreement was divided into two parts, a R150m equity draw down facility for the subscription of shares in Visual at a 50 percent premium to the five-day volume-weighted average share price for each draw down and a R350m convertible debt facility.
Medical Tourism: Nigerians eye $300m Ghanaian health facility
- Created: Thursday, 23 November 2017 00:49
- Written by Sola Ogundipe & Gabriel Olawale - Vanguard Nigeria
Ghana looks set to Ghana looks set to become the next medical tourism destination for Nigerians as attention shifts to emergence of the proposed Eco-Medical Hospital, a state-of-the-art international hospital complex in Accra.
This development, coupled with the complete shutdown of the multi-billion naira world class Ibom Specialist Hospital, in Uyo, Akwa Ibom State, is creating more options for Nigerians to access world class health care and services in Africa.Findings by Health & Living Features reveal that even as the new hospital is about getting off the ground, prominent Nigerians have started making enquiries about the proposed healthcare facility, which when constructed, is reputed to become the largest private hospital in West Africa.
Millions troop abroad annually and at least 50 per cent of these patients travelling abroad are headed for destinations in Europe, Asia, and America. Currently, Asia is the No. 1 destination for millions of Nigerians who expend an average of $1 billion on medical tourism annually. In India, high brow health facilities such as Primus International Super Speciality Hospital, Fortis Hospital and Apollo Hospital, are favorites.Experts attribute this Capital flight to inadequate investment in the local health industry.
Practically all those travelling abroad do so to obtain value for money in healthcare. Common ailments for which Nigerians travel abroad include those related to cardiology (heart disorders), orthopaedic (bone and skeletal), renal (kidney issues) and cancer. The penchant of Nigerian medical practitioners and health professionals recommending overseas medical treatment for all kinds of ailments, particularly those that can be adequately treated in the country, is not helping matters.While Nigeria has enormous potential in the medical field, observers say the facilities needed to get value, quality and affordability.