The increasingly diverse investment opportunities in Africa have driven resource entrepreneurs Phil Edmonds and Andrew Groves to raise £5.1 million at 10p for an AIM float for their newly formed healthcare concern, African Medical Investments. The company will use the proceeds to carry out due diligence on potential acquisition targets in the healthcare sector in regions that are already receiving substantial foreign investment.

The demand for quality healthcare from an emerging middle class is driving an acquisition policy that will see the company target this fast-growing sector in certain regions of Africa. Edmonds, chairman of the company, argues that, after huge investment during recent years in resources, opportunities now exist in other sectors as regions become more affluent.

‘Africa needs investment across the board’, he declares. ‘I believe that resource, agriculture and healthcare will be crucial to developing the continent.’

The directors have particular regional knowledge of Zambia, Zimbabwe and Mozambique. Edmonds and Groves will be known particularly through their established, if sometimes controversial, resource companies, Central African Mining & Exploration and White Nile. The third director, Corne Holtzhausen, has particular experience across the retail, manufacturing, entertainment and mining sectors.