November 2, 2017 /3:40PM/NSE
We wish to inform The Exchange and the investing public that AXA Mansard Insurance Plc has agreed with IFC, Africa Capital Alliance (a Private Equity fund) and other strategic investors to finance the construction of a 150-bed hospital and two 10-bed clinics in Lagos. The shareholders agreement and other documents of the investment was executed to this effect today, 2 November 2017 and the expected completion of the project is in 24 – 30 months from commencement of construction.
Upon completion, the Project will be one of the largest and best resourced private hospitals in Nigeria and will provide a variety of inpatient and outpatient healthcare services. The project is estimated to cost circa N28 billion and would be funded through an equal mix of equity and debt.