26 Aug Intention to Float
Umuthi Healthcare Solutions Plc, the technology led healthcare business focused on the distribution of pharmaceuticals and the provision of medical facilities in remote areas, is pleased to announce today its intention to seek admission to the Standard Listing segment of the Official List of the FCA and to trading on the Main Market for listed securities of the London Stock Exchange.
Umuthi is an established technology led healthcare business focused on the distribution of pharmaceuticals and the provision of medical facilities in remote areas.
|·||The Group comprises a technology enabled healthcare business, which is principally undertaken by Lems, which delivers medical products to medical practitioners in South Africa.|
|·||The Group’s aim is to have four principal business segments, which will be:1) Supplying pharmaceuticals and other medical products to medical practitioners and dispensaries;2) Owning and operating medical facilities, including hospitals and clinics;3) Providing diagnostic solutions and facilitating medical research; and4) Offering medical insurance.|
|·||Following Admission, the Group’s overall objective is to build on Lems’ existing business to create a technology led healthcare business based in South Africa.|
|·||Lems has purchase arrangements with two established pharmaceutical manufacturers and links with networks of doctors across South Africa via the VProf Contract and V Professional Services.|
|·||The Group has also entered into certain conditional agreements or letters of intent with third parties with the aim of developing a portfolio of medical centres and offering a range of related services.|
Full details of the Company are included in its prospectus, which will be available on the Company’s website ( www.umuthiplc.com) on the Admission Date. Defined terms used in this announcement shall, unless the context provides otherwise, have the same meaning as set out in the Prospectus.
Gert Viljoen, Chief Executive of Umuthi, commented:
” We are delighted to announce the intended listing of Umuthi Healthcare Solutions on the London Stock Exchange, this is an important milestone for the Group. Access to medicines and healthcare services in remote areas has become an ever increasing issue which we are aiming to address. Our existing business is growing from strength to strength which will be enhanced by the launch of our App-based service which will deliver medical supplies efficiently to healthcare professionals. The current COVID-19 environment has created a greater need for our services and we are currently in detailed discussions to provide vitamins and supplements as well as sanitising services on a greater scale.”
|Umuthi Healthcare Solutions PlcGert Viljoen, Chief Executive Officer||Via IFC|
|IFC Advisory LtdGraham HerringZach Cohen|