- Created: Wednesday, 14 February 2018 10:05
- Written by Nasdaq GlobeNewswire
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ACCRA, Ghana, Feb. 14, 2018 (GLOBE NEWSWIRE) -- Royal Systems & Services Limited, a Ghana based group of companies, announces that it has entered into 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 the previously announced $80 million financing facility with Milost. Royal Systems & Services Limited was advised and represented by Palewater Advisory Group Inc.
Samuel Quadjie, Chief Executive Officer, stated, “Royal Systems is enthused by the potential opportunities this financing will bring as soon as realised. It will have huge impact for the strategic direction of our company, particularly breaking barriers to financial and capital intensive industries such as Telecommunications, Real Estate, Oil and Gas, and Mining. Currently we are developing a hostel facility for students of Takoradi Technical University and the interest from Milost is most welcome. The ability to realise this fund will improve not only the returns for our investors over the long term but contribute significantly to the employment and infrastructure deficit in Ghana.”
Managing Partner & CEO of Milost Global Inc., Kim Freeman, stated, "Milost was attracted initially to Royal Systems by their professionalism and values and by the unique building and infrastructure projects they set out to create. We are extremely lucky to have been able to partner with Royal and we foresee a growing portfolio of sustainable projects in future that we would wish to fund. The current hostel build is a much needed facility at Takoradi Technical University which can be duplicated in Ghana and other countries in Africa where education is of utmost importance.”
Solly Asibey, Senior Partner & CIO at Milost Global Inc., stated, “We are very excited about the great potential that Royal Systems presents to Milost. It is a great pleasure to invest and build a diversified infrastructure development portfolio in Ghana and a few other countries in West Africa through Royal. They have showcased great entrepreneurial and management skills, as well as demonstrated a wealth of knowledge within their current focus areas which is telecommunications and Real Estate, and now we will work with them to build traction within the other portfolios, whilst contributing towards sustainable economic growth in Ghana and beyond.”
About THE PROJECT
On August 1 2017, Royal Systems signed a 23-year “BOOT”- Build, Own, Operate, and Transfer- agreement with Takoradi Technical University (TTU), located in Takoradi, the Western Region of Ghana, to construct a student hostel. The Takoradi Technical University Hostel is a ~3000-bed student hostel project designed to support the university and house a section of its student population to be admitted to a new satellite campus under construction.
The facility is designed to be an ultra-modern state of the art structure using advanced building technology which will be located on an 8.0-acre land within the school campus.
Construction began in January 2017 and the first phase, a 1000-bed block is expected to be completed in August 2018 before the beginning of the first academic year on the new campus.
The project is estimated to cost ~USD 24,000,000.00.
The completed project, which will help immensely to plug the perennial accommodation deficit facing the school, also provides the unique opportunity for Royal Systems to expand its existing operations into the student hostel real estate subsector, a very profitable market in Ghana. As Ghana’s tertiary population keeps growing, we are confident that this project will generate sustained real return into the future to satisfy our investors. We are also conscious of the relief it provides to improve the welfare of the student population of the university.
About Royal Systems & Services Limited
ROYAL SYSTEMS & SERVICES LIMITED, is a wholly Ghanaian owned company existing under the laws of Ghana having its registered office at #6 off Filbert Street, Near St. Martin De-Pores School, Dansoman, Accra, P.O.Box 12802 Accra-North. The company predominantly deals in providing telecommunication infrastructure, civil engineering and consultancy, and building and construction.
RSSL is also registered as a class D1K1 contractor with the Ministry of Water Resources, Works and Housing with REG CERT NO. MWRWH/CERT NO 31670A.
The company has three directors and experienced staff strength of about 60 individuals with varied background and skills in civil engineering, project management, finance, accounting and telecommunication. In addition to its personnel, the company hires additional staff on a contract basis when it has excess work load or needs a specific expertise it lacks.
RSSL is an OHSAS 18001 and an ISO 9001:2015 Certified Company and is highly committed to working to meet internationally acclaimed standards. RSSL is driven by the core values of Responsiveness, Reliability, Integrity, Speed and Quality.
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