Palewater Global Management Inc. is pleased to announce that Eco Medical Village Limited has signed 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 a facility of up to $300 million to fund the development of the largest private hospital in West Africa, which will be constructed right at the heart of Accra in Ghana. The commitment is made up of $100 million in equity and $200 million in debt capital. Within the two weeks, the Company will also appoint a US based PCAOB registered accounting firm that will work hand in hand with the company’s Ghana based audit firm, Audax Chartered Accountants to complete an SEC approved audit with the purposes of preparing for the IPO filing with the SEC in August.
“The completion of this financing will significantly reduce Eco Medical’s interest expense and will provide the working capital necessary to support the Pre-IPO Road Shows in the US, Canada, and Africa from the beginning of August. We look forward to working with Eco Medical to continue to grow our company to become the largest hospital group in Africa.” This transaction is advised and managed by Palewater Advisory Group Inc.
President & CEO of Milost Global, Egerton Forster, stated, “We are pleased to have partnered with Eco Medical Village Limited in this great opportunity. This is part of Milost Global’s strategy to develop Africa and deploy at least $10 Billion in African opportunities within the next 12 to 18 months.
Peter Ahiekpor, the CEO of Eco Medical Village Limited, said, “Milost Global equity funding has indeed changed the dynamics of funding projects in Africa. It has shown that Africa as an emerging market needs to attract more private funding to sustain its economic growth. Our final objective is to replicate this medical facility model across the length & breadth of Africa. We know with the involvement of Milost Global, this reality will come to fruition. Once again, this investment shows there is a market in Africa for medical services that will improve the life expectancies of the average African.”
Mandla J. Gwadiso, the Chief Investment Officer of Milost Global Inc also stated, “The Eco Medical Village team, which is supported by a very strong Board of Directors, demonstrates a very clear and straightforward business model where we feel that our resources will be used in a way that will generate good financial results and build shareholder value that surpasses our Fund’s expectations. It is our goal to invest in opportunities like this, where the upside outweighs the opposite and management’s innovation is at the fore of the industry.”