Milost Announces the Appointment of a New Chief Investment Officer

NEW YORK, Jan. 29, 2018 (GLOBE NEWSWIRE) -- Milost Global Inc. (“Milost”) announced today that Solly S. Asibey will become its Chief Investment Officer on February 1, 2018, following the retirement of Dr. James S. Kuo last year. He will report to Milost’s new Chief Executive Officer, Mr. Kim Freeman and will be based in New York City.

Mr. Asibey is currently Senior Partner & President of Milost Global Africa operations. Milost is currently searching for his replacement, someone that will fill his current position as President of Africa operations at Milost.

Commenting on the CIO changes, Mandla J. Gwadiso said: “The fact that we are able to fill this role from within demonstrates the high quality of talent here at Milost. Jim has been a valuable asset to me and while we will certainly miss his astute advice and wish him all the best in his well-deserved endeavours, we are pleased that Solly is willing and able to step into the CIO role. We are confident that with his extensive experience Solly will transition smoothly into the role and provide strategic investment insight and guidance to our Leadership Team.”

Egerton Forster, Senior Partner & Chairman of the Milost Board of Directors, also stated, “I am confident that Solly will make a good CIO. Not only is he equipped with practical knowledge, but with wisdom as well. A substantial concern lacking synergy has already been avoided with Solly being a current member of Milost management team. All and all, he will hit the ground running and will be very productive.”

Femab Properties Receives the Initial Drawdown of $10 million from MESA Fund 1

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

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

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.

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