PAC Capital closes $50 million deal for construction, medical tourism relay facility

PAC Capital Limited (“PAC Capital”), the investment banking arm of PanAfrican Capital Holdings, is delighted to announce the successful completion of a US$50million Construction and Medical Tourism Relay Facility (CONMED) landmark deal.

PAC Capital’s Managing Director, Humphrey Oriakhi made this known in a statement shortly after the deal was completed.

Humphrey said “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.”

Afreximbank and the Lagos American Specialty Hospital (LASH) executed the Finance Documents for the US$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).

LASH in a statement shared that they 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 centered on the acute medical conditions that leads 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.

This project is an attempt by the private sector to reverse the enormous resources and foreign exchange lost to medical tourism and potentially the brain drain plaguing the health sector.