Pac Capital announces $50m deal in Nigeria’s healthcare sector

PAC Capital Limited (PAC Capital), the investment banking arm of Pan African Capital Holdings, has announced the successful completion of a $50 million Construction and Medical Tourism Relay Facility (CONMED) landmark deal in Africa’s biggest economy.

PAC Capital’s managing director, Humphrey Oriakhi made this known in a statement seen by BusinessDay shortly after the deal was completed.

“This is the first CONMED to be concluded since this specialized healthcare product was launched by the African Export-Import Bank (Afreximbank). PAC Capital was the Financial Adviser and Funds Arranger to LASH on this landmark deal,” Oriakhi said.

The statement explained that Afreximbank and the Lagos American Specialty Hospital (LASH) executed the Finance Documents for the $50 Million Construction and Medical Tourism Relay Facility (CONMED) on the sidelines of the just-concluded Afreximbank Annual General Meetings, held in Cairo, Egypt. The CONMED Facility was supported by two local banks, Keystone Bank and First City Monument Bank (FCMB).

Read also: PAC Capital closes landmark acquisition for Titan Trust Bank

It noted that LASH will employ a unique business model that provides healthcare infrastructure as a service to domestic and diaspora healthcare practitioners, offering them a world-class platform to provide care to their private patients in a modern, well-equipped medical facility.

The LASH project is designed as a 50-bed tertiary level world-class medical and diagnostic facility in Lagos, Nigeria.

LASH aims to treat non-communicable diseases with chosen clinical specialties centred on the acute medical conditions that lead patients to seek advanced care or medical treatment abroad. These include Orthopedics, Oncology, Cardiology, Nephrology, Gynecology, Cerebrovascular Care & Rehabilitation, etc.

LASH would aid in the improvement of Nigeria’s healthcare infrastructure, ease the burden of non-communicable diseases in Nigeria and the West African region, and ultimately reduce the rising burden of outbound medical tourism upon completion.

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