Medical Tourism: Nigerians eye $300m Ghanaian health facility

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.

R500 million funding for Visual from American Private Equity firm

Visual International, the JSE AltX-listed property development company, has announced a R500 million funding agreement with New York-based alternative capital provider Milost Global Inc.

Visual has faced some significant challenges since listing on the JSE in May 2014.

The injection of funding will be directed towards financing Visual’s property development projects, acquisitions and working capital needs

– Charles Robertson, managing director of Visual

The agreement includes two instruments:

  • A R150 million equity draw-down facility for Visual shares, subscribed at a 50% premium to the five-day volume-weighted average share price; and
  • A R350 million convertible debt facility, or notes draw-down, that offers 5% interest annually per convertible note, paid in cash quarterly.
The funding from the first equity drawn down has now been received and will be used for Visual’s working capital. The issue price for the first draw down is 16.5 cents and is at a 50% premium to the five-day volume-weighted average price (VWAP), which was determined at 11 cents. The drawn down costs of R75 000 will be settled at the VWAP of 11 cents per share. The shares will be issued under the company’s general authority to issue shares for cash.

The announcement and first equity draw down come hot on the heels of Visual’s latest trading statement which confirms that while the company is expected to post losses per share for the current fiscal year, those losses are a 25.5% improvement on 2016 results.

The headline loss per share for the year ending 28 February 2017 is expected to be (3.54) cents per share, compared with the loss of (4.75) cents per share for the previous financial year.

Receipt of First Draw Down in Relation to the Funding Agreement between Visual and Milost Global Inc

VIS 201711170063A Confirmation of Receipt of First Draw Down in Relation to the Funding Agreement between Visual and Milost Global Inc
VISUAL INTERNATIONAL HOLDINGS LIMITED

(Incorporated in the Republic of South Africa)

(Registration number 2006/030975/06)

(“the Company” or “Visual”)

ISIN Code: ZAE000187407
Share code: VIS

CONFIRMATION OF RECEIPT OF FIRST DRAW DOWN IN RELATION TO THE FUNDING AGREEMENT BETWEEN VISUAL AND MILOST GLOBAL INC (“MILOST”)

Shareholders are reminded that the Company has signed a funding agreement with Milost for equity and debt funding as announced on 15 September 2017. The board is pleased to advise that the funding from the first equity drawn down has been received and will be used for Visual’s working capital. The issue price for the first draw down is 16.5 cents and is at a 50% premium to the 5-day volume-weighted average price (“VWAP”), which was determined at 11 cents. The drawn down costs of R75 000 will be settled at the VWAP of 11 cents per share. The shares will be issued under the Company’s general authority to issue shares for cash. Visual looks forward to a long and productive relationship with Milost.

Kings Pride Properties Inks a Multimillion Dollar Financing Term Sheet With a New York PE Giant

NAIROBI, Kenya, Nov. 13, 2017 (GLOBE NEWSWIRE) -- Kings Pride Properties Limited, a Nairobi based real estate development and investment company, announced today that it has signed a financing term sheet of USD$450 million with Milost Global Inc, a New York based Private Equity Firm. This is a working capital and development facility for the company which is being provided as a combo of Debt and Equity, of which $150 million will be an equity facility and $300 million will be debt facility. Both the company and the investor are expected to sign a commitment letter by November 16th 2017.

The Chief Executive Officer of Kings Pride Properties Limited, Maj (Rtd) David Karau, stated, “The best Solution the company has garnered this last quarter of 2017 is this key Partnership with Milost Global Inc. Players in our market know how securing financing locally has taken a twist and became very scarce and expensive. This went all the way into project execution lacking the business charisma expected by the market more so low ROI as well as unaffordability by the end user. We opened our finance and investments doors for this strategic partnership and we hope it comes in as a solution to our property development agenda.”

The Senior Partner & President of Milost Global Africa, Solly Asibey, stated, “The wealth of knowledge, track record and growth strategy of Kings Pride with regards to the real estate development market in Kenya has endeared Milost to partner with them. Our aim is to help grow Kings Pride into a formidable company in the East African region, whilst creating value for all our stakeholders in the process.”

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