Gilead Targets $150m in London Stock Exchange Listing

Gilead Global, the Africa-focused real estate development company is finalising plans for its listing on the Alternative Investment Market (AIM) of the London Stock Exchange (LSE) later this year in a bid to raise up to $150 million.

A statement quoted the Chief Executive of Gilead Global, Tomiwa Idowu as disclosing this recently. Gilead, which is known across sub-Saharan Africa for its commercial and residential developments will use the proceeds of the new listing mainly to fund its Aderogba HealthCare City project situated in the South-Western parts of Nigeria.

“The Alternative Investment Market or AIM is a part of the London Stock Exchange and affords smaller companies like ourselves the opportunity to raise the capital we need within a well-structured environment,” Idowu told reporters in Johannesburg adding that London was the preferred but not the only option on the table.

The Aderogba HealthCare City is a health and wellness destination located across three states in South-western Nigeria and is committed to creating a world-class medical centre of excellence, recognised regionally and globally for its quality healthcare, wellness services, clinical research and education. The project is set to gulp a whopping $250million in its first phase, which is focused on HealthCare, Clinical Research and Education.

According to reports by the World Health Organisation, Nigeria’s health indicators are amongst the worst in the world. One of the major challenges in optimizing the sector is ensuring the availability of an adequate pool of skilled human resources.

The company explained that the Aderogba project will enlist over 200 clinical partners including hospitals, outpatient medical centres and diagnostic laboratories across 100 specialties with licensed foreign and Nigerian professionals currently operating in over 60 countries across the globe including the United Kingdom, Australia, Canada and the USA.

In addition, there will be a strong support system of non-clinical services such as banks, schools, hotels and retail serving the city. The Aderogba project will spearhead the influx of medical tourists from all over Africa into the country while also reversing brain drain. The development will also be an added boost to the diversification drive of the federal government.

According to the company, the listing is scheduled to take place towards the end of the fourth quarter of the year while construction on the project will commence nine to 12 months thereafter.

The LSE listed Seplat Petroleum Development Company Plc in 2014 after $500 million issue and it is eying more listings from Nigeria.