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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| African Med | AMEI | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
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| 0.00 | 0.00% | 0.225 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
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| 0.225 |
| Top Posts |
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Posted at 03/8/2010 13:16 by mattjos Here's the bones of it .... it appears the good Doctor has a bit of reputation previously. Good to get shot of him and his accomplice at this stage.Given his track record I'd imagine his chances of successfully defending himself are not good. Manager flees after US$5m hospital scam. By Augustine Moyo. Zimbabwe Sunday Mail 1/8/10 AFRICAN Medical Investments plc's chief executive officer Dr Vivek Savji Solanki, who was suspended last month pending investigations into the suspected embezzlement of nearly U$5 million at one of Harare's top hospitals, Trauma Centre, has resigned. An ongoing probe into financial and administrative irregularities at Trauma Centre and other health institutions in South Africa has also sucked in the hospital's general manager, Ms Zarina Dudhia, who is believed to be on the run after being charged with theft. Ms Dudhia failed to appear in court last Monday, raising fears that she might have absconded. African Medical Investments (AMI) is a private healthcare provider listed under the London Stock Exchange's Alternative Investments Market (AIM) with special focus on Africa. It is understood the UK-based AIM board has commissioned a top forensic team comprising experts from South Africa and local accounting firm PriceWaterhouse Coopers to get to the bottom of the matter. Sources said preliminary investigations confirmed that US$718 000 was misappropriated while more than US$4 million is yet to be accounted for. It is suspected that Ms Dudhia skipped the country and AMI shareholders are now offering a US$20 000 reward to anyone with information leading to her arrest. In a statement confirming Dr Solanki's suspension last month, the AMI board said: "The AMI-listed company operating in the African healthcare sector announces that the company's chief executive officer, Dr Vivek Solanki, has been suspended by the board pending an investigation into potential financial and administrative irregularities at the company's Harare and Johannesburg medical facilities . . . "This suspension does not affect the day-to-day running of the company's facilities, which will continue to operate as normal. "Newly appointed finance director Mr Brett Winstone has been appointed interim chief executive during the period of investigation with immediate effect and the board has appointed forensic accountants to assist with the investigation." However, AMI board members from London who are in the country to assess progress on the ongoing refurbishment confirmed that Dr Solanki had resigned from the group. Sources last week revealed that Ms Dudhia was implicated after some building materials, among them 400 boxes of ceramic tiles earmarked for the health institution's refurbishment, went missing. The sources said the materials were later recovered in Emerald Hill, resulting in criminal charges being filed against Ms Dudhia. Allegations against the general manager also involve a top-of-the-range Toyota Prado vehicle which, according to the hospital's books, was purchased at a cost of US$70 000 but was never registered with Central Vehicle Registry under its name. More than 10 other vehicles are also said to have been registered under Shakit Trust despite having been purchased using Trauma Centre funds. Shakit Trust is believed to be linked to Dr Solanki. Sources said some of the financial irregularities emerged after cash was withdrawn from the hospital's account and allegedly kept in a safe by Ms Dudhia. It has been confirmed that US$181 000 in cash was found in the safe when police picked her up for questioning. She, in turn, filed theft charges against some of the hospital's directors who were assisting police and auditors with investigations, accusing them of kidnapping her and stealing her Toyota Prado, laptop and US$181 000. The matter is now also before the courts. Ms Dudhia's arrest has attracted keen interest from the Moslem community with some of the "who is who" of that community hiring lawyers for her. Among her three legal representatives is prominent Harare lawyer Mr Jonathan Samkange. Last month Ms Dudhia, through another lawyer, a Mr Mohammed of Ahmed & Ziyambi Legal Practitioners, filed an urgent chamber application at the High Court seeking her reinstatement as general manager and the handover of the Toyota Prado and US$181 000. The court, however, threw out the application. It is understood the vehicle and cash are being kept until the probe is concluded. Mr Mohammed confirmed the development to this newspaper, but would not be drawn into revealing more details. Mr Samkange also confirmed representing Ms Dudhia in a case "in which she filed charges against some Trauma Centre directors for kidnapping and the robbery of her laptop, vehicle and US$181 000". The Zimbabwean-born Dr Solanki specialises in trauma, deep-vein thrombosis (DVT) as well as occupational and women's health. He is the brains behind Harare's up-market Parkview Hospital whose numerous boardroom squabbles forced shareholders to call for an audit in 1999. He was accused of trying to raise funds for the construction of the hospital through a private placement without prior permission from investors. Further allegations were that he failed to transfer the land on which the medical facility was to be constructed into the company name; to supply hospital equipment and to volunteer information on the seizure of his operations in South Africa at the end of 1998. African Medical Investments plc's strategy focuses on capitalising on the continent's demand for quality healthcare, particularly from the emerging middle class, overseas business and tourists. Its boutique hospitals, similar to that under construction in Harare, are expected to provide world-class treatment without the overheads associated with large integrated hospitals. The health service provider intends to convert Trauma Centre into a full-fledged hospital with the expansion exercise expected to be completed this month. Other African Medical Investments facilities in Africa include airport clinics in Johannesburg and Cape Town, South Africa, and Tanzania's Trauma Centre, Well-Woman Clinic and airport medical and travel vaccination centre. The company is evaluating a further 15 sites across the continent. |
Posted at 09/7/2010 16:05 by alchemy30 Agreed Matt, the remaining BOD and Harbinger are tightly wound up in this and other (mining) companies. It comes of no surprise that some investors were 'lucky' enough to sell £200K worth of stock the day before this announcement. |
Posted at 27/5/2010 11:17 by mattjos Harbinger & Edmonds are developing into quite a team in Africa ... i believe our Doctor Solanki is next in London in June to meet investors & update them on progress ... our new broker has been resolutely sat on the Bid throughout this market turbulence collecting whatever stock may have been worked loose. They will be expecting to sell that stock higher up later. News and then a broker note is what i'm waiting on in the next few weeks. Current price is well below what Harbinger have recently paid for their next slug of equity |
Posted at 20/1/2010 12:42 by celeritas Interesting that West Africans are choosing to fly to India for treatment, AMEI should have no trouble with patients seeking treatment.INDIA, MAURITIUS: Indian hospitals promote medical tourism services across Africa The Indian Medical Travel Association (IMTA)) partnered with FICCI - India's leading business federation to promote medical tourism to India from the African Continent. Namaskar Africa was an Indian business expedition to Africa organised by FICCI from 14-16 January 2010 at Lagos in Nigeria. The Indian delegation included top hospitals groups from India Fortis Hospitals, Apollo Hospitals, and Columbia Asia Hospitals. Doctors from leading Indian Hospitals gave presentations. The symposium was attended by a large number of local doctors as well as healthcare delegates from 15 African countries. The volume of international patients coming to India for medical treatment from West Africa - particularly Nigeria is growing very fast and more than ten thousand visas were issued by Indian High Commission in Nigeria alone during 2009 to patients who wanted to travel to various Indian hospitals for medical treatment. According to Pradeep Thukral of IMTA, "Africa is a prime market for promoting medical travel to India and Namaskar Africa provided an excellent opportunity for our members to promote their services and also explore business opportunities for setting up diagnostic and clinical facilities in the African region. This event was an excellent networking opportunity between Indian African healthcare professionals and will help to further boost the flow of international patients referrals from Africa to Indian hospitals.' IMTA will also attend Medical Tourism Destination 2010, to be held in Kenya during May 10-11, 2010 at Kenyatta International Conference Centre, Nairobi and in Uganda during May 15-16, 2010 at Uma Exhibition Centre, Kampala to showcase the best of Indian healthcare in these East African countries. The government of Mauritius aims to position the island as one of the leading medical travel destinations in the region, by attracting investors. Mauritius is seeking India's help to boost its medical tourism industry and has invited Indian healthcare majors to invest in the island nation. Indian hospital group Fortis recently acquired a 140 bed /hospital clinic in Mauritius in partnership with a local group. Apollo has the new Apollo Bramwell Hospital of Mauritius. Investment bodies are in talks with a few more hospital chains in India. At least two more including an eye care hospital chain, are set to invest in the country. The island now gets fewer than 4,000 foreigners a year coming for medical treatment and wants India's help to increase its revenue from this sector. The logic is that Africans reluctant to go to Asia will go to Mauritius and get treated by Indian hospitals. Apollo Bramwell Hospital has been designed to serve both Mauritius and the international community; the target market for international services includes the continent of Africa and the eastern Indian Ocean rim. |
Posted at 24/12/2009 08:00 by andrbea from Dec 17Midas extra: African Medical Investments & Afren Joanne Hart, Investments Editor, Financial Mail on Sunday 17 December 2009 African Medical Investments It is more than a week until the markets break for Christmas but there are already signs that activity is winding down. Many investors like to take a breather as the year heads to a close, analysing how portfolios have performed and pondering what to look at next year. Many investors try to include a variety of different types of stock in their portfolio, from large, defensive companies to smaller, fast-growing ones. This week, Midas Extra is looking at a business that falls firmly into the latter category, African Medical Investments. Medical care in Africa tends to fall into two camps extremely basic or highly sophisticated. Basic treatment is cheap but standards are often low, centres are crowded and hygiene is variable. Sophisticated treatment is available from large, expensive hospitals but these are few and far between. African Medical Investments offers a third way. The company owns and runs small, private clinics, offering almost every type of healthcare apart from complex brain and heart surgery. Five centres are up and running already two in South Africa, one in Tanzania, one in Zimbabwe and one in Mozambique. Over the next five years, AMI intends to build a further ten centres, including trauma units, radiology services and Well Women clinics. The rationale behind these centres is simple. Not only does Africa have a growing, indigenous middle class population but there are also thousands of ex-pats and foreign aid workers milling around the country. The ex-pat population has grown exponentially in recent years, driven, intriguingly, by Asia's developing economic power. The Chinese desperately need raw materials to fuel the country's growth and Africa is a source of a wide range of commodities from copper to oil to uranium. Over the past five years, therefore, mining activity has increased significantly along with associated managers, engineers, team leaders and other officials. Just over a third of African Medical's patients are ex-pats, a quarter are foreign aid workers and the rest, some 40 per cent, are local middle-class Africans. Many of the locals are women. Traditionally in Africa, there is something of a taboo about women going to hospital, even for those female-oriented check-ups that are the norm in Europe and America. Well Women clinics overcome this taboo since they are expressly designed for women who are healthy but want to remain so. African Medical also runs hospitals in Johannesburg and Cape Town airports where patient numbers run to more than 1500 a month, including airline and airport staff and even busy business travellers who use the facilities for a convenient medical or minor surgery. The company is run by Vivek Solanki, a qualified doctor born in Zimbabwe, and the chairman is former England cricketer, Phil Edmonds, who was educated at Cambridge but born in Zambia. Around 75 per cent of AMI's hospital staff are African, so the company is well-regarded by politicians and local government officials. Treatment is more expensive than basic local hospitals but it some 30 per cent cheaper than mainstream South African medical care and about half the price of private care in the UK. In fact, a number of AMI's patients are so-called medical tourists, who come to Africa specifically for cheap surgery. Individual clinics tend to become profitable within two to three years and Solanki estimates the company will be profitable at group level by the end of 2011, if not before. In the meantime, growth will be sustained by an injection of funds from Harbinger Capital, an American hedge fund. The firm has agreed to provide AMI with £29 million over the next three and a half years. The money will be delivered at regular intervals in return for shares and at the end of the process, Harbinger will own just over 50 per cent of the company. Midas verdict: African Medical Investments is in the right place at the right time offering the right suite of services to the right set of people. Harbinger clearly thinks so too. Its first investment was made at a price of 18p a share but the last investment it has agreed to make, in 2013, will be completed at a price of 71p a share. AMI's shares are 21p today so, if Harbinger is banking on the stock more than tripling over the next few years. Worth buying a few and seeing if the Americans are right |
Posted at 08/12/2009 09:17 by andrbea good find Mattjoshere it is in full: Entrepreneurs unveil plans to build 15 boutique hospitals 08 Dec 2009 - I-Net Bridge - Intro Phil Edmonds and his partner, Andrew Groves, have announced plans by their new company to build more than 15 boutique hospitals in Africa. By Sarah Hu Dleston Just weeks after resigning from the board of Central African Mining and Exploration Company (Camec), businessman Phil Edmonds and his partner, Andrew Groves, have announced plans by their new company to build more than 15 boutique hospitals in Africa. The hospitals, to be built by their company, African Medical Investments (AMI), will serve the expatriate mining and business community who require easy access to high-end medical care. When he opted out of Camec, which is listed on the London Stock Exchange, Edmonds was paid £8m for his 1,43% stake in the miner. Edmonds has previously made a lot of money in Asia, but now says his eyes are on Africa. "I like to travel north to south and stay roughly in the same time zone," he said last week. "I believe that there is so much to be done on this continent to make it attractive to investors and make it more user-friendly." Already, a new 30-bed facility has been built in Dar es Salaam and, last week, another medical and trauma centre and a Well Woman clinic were launched in Maputo, in Mozambique. Like the Dar es Salaam facility, the Maputo clinic offers 30 high-class beds including two intensive care unit beds, two neonatal intensive care incubators and a full trauma unit. Two operating theatres, two delivery rooms, one for water births, occupational health services and facilities are being built. The Maputo facility will have only the second tele-radiology facility in Africa - the first was in the Dar es Salaam clinic - meaning that top radiologists the world over can report on X-rays, CT scans and ultrasounds. A helicopter rescue service in Mozambique ensures that emergency cases can be collected and brought to Maputo, removing the need for expensive evacuation to SA. Edmonds, the company's chairman, and Groves, AMI's executive director, complement each other. They stumbled on this new business a year ago through Vivek Solanki, a Zimbabwean-born and South African- trained trauma doctor whom Groves, now AMI's CEO, was acquainted with. "The plan is to have 15-20 of these clinics strung across Africa, so that expats and locals with medical insurance have access to the finest healthcare. I believe that, thanks to our investments in Tanzania and Mozambique, we are paving the way for other investors to place their confidence in these countries," Edmonds said. "There is a dearth of investment in the areas that support the mining and related industries. Housing, healthcare and agriculture are all areas in Africa that need investment." Edmonds said each clinic cost £6m to build and equip, excluding the land. "The money for this is raised on the London AIM market," he said. "AMI has the support of a good selection of top international medical aids, including Bupa, which welcome the fact that patients will not have to be evacuated to SA." |
Posted at 20/7/2009 10:57 by andrbea here is an article from the FtA diversified fund such as this is probably the safe route into Africa but there are alternatives. You could buy into a diversified multinational that is buying up assets across the continent, such as Lonrho. Or you could look at individual African businesses that are quoted on Aim and give exposure to a specific theme. For example, Camec, the Aim-quoted copper and cobalt mining company, has spun off two London- listed businesses: AgriTerra (ticker symbol: AGTA) and African Medical Investments (AMEI). AgriTerra is arguably the more interesting of the two. It made its market debut last year. While sovereign wealth funds have been buying up tracts of land, AgriTerra has been taking a different tack. It has avoided the thorny political issue of buying land and concentrated instead on acting as a middleman, buying up maize from small farmers in Mozambique and then processing and selling it. Its customers include the World Food Programme. Having invested more than $40m on its existing profitable plant, the company is now rolling out another mill in Mozambique and looking to expand its processing operations in other African countries. This is where Camec's expertise in trucking-based logistics operations should pay off. At its current share price of 3.5p, AgriTerra is valued at £17m, which is not cheap. But if its managers can scale up and build a network across the southern half of the continent, the value of AgriTerra to a bigger food processing conglomerate could be huge. African Medical Investments is a play on the growing demand for specialist, high-quality private healthcare. It is built on solid foundations: an outfit providing airport clinics and a fast-growing trauma clinics business that's up and running in Tanzania's Dar Es Salaam and soon to be rolled out to Maputo in Mozambique. African Medical is all about deploying large amounts of upfront capital on the ground in to build a leading position in a sector that would be regarded as mainstream in the developed world. Food processing and private hospitals are regarded as a fairly boring play in the UK but very few people have committed the resources to these sectors in Africa and thus you can quite quickly build a first-mover advantage. Of course, the risk is that that first-mover advantage will amount to nothing if political chaos erupts but that's the investment argument here: in Mozambique, Tanzania and Uganda, political risk is slowly being taken off the table. So, if African Medical achieves strong growth, it'll probably be snapped up by a bigger outfit looking to expand its hospital network into Africa. So, AgriTerra and African Medical are essentially private equity assets that happen to be listed. I'd also love to see Camec's logistics operation hived off. Unlike Lonrho, neither offer any built-in diversification. Even so, for the adventurous investor who wants to build a long- term position in Africa, these discrete trading businesses represent a bolder bet on the continent's future. |
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