Mauritius’ CIEL forays into Uganda with 90.1% stake in International Medical Group
Mauritian conglomerate CIEL Ltd, through its wholly owned subsidiary CHL, has acquired a majority stake in the International Medical Group in Uganda, which represents CHL’s first major investment to enhance its footprint in the healthcare sector in Sub-Saharan Africa, together with positioning it as the market leader for private healthcare services in East Africa.
Mauritian conglomerate CIEL Ltd, through its wholly owned subsidiary, CIEL Healthcare Limited (CHL), has acquired a majority stake in International Medical Group (IMG) and now possesses 90.1% stake in IMG, which isa leading provider of private healthcare services in Uganda.
Leveraging on this knowhow and expertise, CHL has expanded its interests in the healthcare sector in Mauritius, and now Uganda, while actively prospecting new opportunities in the Indian Ocean and Sub-Saharan African regions.
It may be noted that CHL is a Mauritius-registered private limited company, with its primary objective being to own, operate and manage facilities in the healthcare sector in the Indian Ocean region and across Sub-Saharan Africa.
The investment by CHL is the first step in boosting IMG and enhancing its future expansion plans throughout Uganda, in order to position it as the market leader for private healthcare services in East Africa. This investment also represents CHL’s first major investment to enhance its footprint in the healthcare sector in Sub-Saharan Africa.
CIEL, a leading investment holding company in Mauritius, through its private equity company, KIBO Capital Partners, has already enjoyed a successful association with IMG since 2012.
“There comes a time when it is appropriate for everyone to step down, and since I have been running IMG since its inception for close to 20 years now, I feel this is the right time for me. We have been working with our partners from CIEL for three years as minority shareholders,” said Dr Ian Clarke, who continues to remain the Chairman of IMG.
“Through CIEL Healthcare,CIEL runs a very successful hospital in Mauritius and have decided to expand their footprint in East Africa using International Hospital as their flagship. So I firmly believe that this growing partnership is going to push the Group to greater heights,” concluded Dr Clarke.
Alex Alexander, Managing Director of CIEL Healthcare Africa, will be overseeing the group’s executive leadership in the interim.
He noted, “Healthcare is an integral part of CIEL’s overall strategy and IMG is a key investment for CIEL Healthcare in the implementation of its overall strategy in Sub-Saharan Africa. There is much that can be done to serve the medical needs of patients in Uganda and the region, in the country itself; especially if we can build on the capacity and skills of our own health sector.”
Dr Clarke and Alex Alexander jointly assure all stakeholders that IMG continues to remain a Ugandan brand and that planned developments will focus on improving the overall patient/ customer experience across the entire group.
IMG currently employs over 600 Ugandans at its various facilities.In addition to the hospital, diagnostic centre and the clinics, the group also encompasses IAA Healthcare, IMG Pharmaceuticals and International Medical Foundation (a registered charity).