Invest in Botswana's Healthcare Future

The full project capital ask is US$120M as a single clean ticket. We are open to co-investment where multiple parties combine, but our preferred structure is a single anchor investor or a small club of 2-3 institutional partners. Smaller minority positions are possible by negotiation.

Open. We have not pre-specified the capital structure. The investor proposes — equity, senior debt, mezzanine, convertible, blended, or joint venture. The project economics work across multiple structures, and we adapt to the partner's mandate. The financial model published is unlevered (no debt assumption) so you can layer in your preferred capital stack.

Botswana has no exchange controls. The Pula is one of Africa's most stable currencies. Free repatriation of dividends and capital. Many medical equipment contracts and reference patient pricing can be denominated in USD or EUR by agreement. Capital structures with USD-denominated debt are accommodated.

Materially significant. SEZA-qualifying projects pay 5% corporate tax for the first 10 years (vs the 22% standard rate), stepping up to 10% thereafter. Imported medical equipment qualifies for 0% customs duty. Over the 25-year project horizon, the SEZA framework adds approximately US$45-60M in cumulative cash flow vs the standard tax regime.

The project site is allocated within the Sir Seretse Khama International Airport Special Economic Zone, governed by SEZA. Tenure is long-term leasehold, with terms aligned to SEZA framework. Foreign ownership of operating entities is permitted in Botswana with no restrictions.

Multiple pathways. Asset sale to a regional or international hospital group. Secondary equity sale to another institutional investor. Partial monetisation through refinancing once stabilised. REIT-style listing of stabilised assets on the Botswana Stock Exchange or JSE. Or a long-dated generational hold with dividend distributions. Exit strategy is agreed at partnership formation.

The model uses conservative assumptions: 35% Year 1 occupancy ramping over three years to steady state, 26.5% stabilised EBITDA margin (lower than international tertiary hospital benchmarks of 28-32%), no significant medical tourism upside in the base case, and a 15% WACC (higher than typical for SEZA-backed infrastructure). Upside scenarios are documented but not relied upon.

Clinical operations partnership with Advance Medical Africa provides protocols, staffing pipelines and training integration. SADC region clinical recruitment plan in place. Several specialists already committed to the project on conditional letters of intent. Botswana has produced specialists who are returning home for the right opportunity — TEMCO is that opportunity.

Realistic delivery: capital formation 2026, construction Q4 2026 to Q1 2029, commissioning Q1 2029, operations Q2 2029. That is a 24-month build for a 130-bed specialised tertiary facility — the international benchmark for this scope. Compressing the timeline introduces execution risk that we are not willing to take with investor capital.

Downside scenarios are modelled in detail. Our base case 21.3% IRR has a downside breakeven below 13% IRR, with the project still cash-flow positive at 30% lower revenue. The hospital is a tangible asset — even in a stress scenario, the underlying real estate and clinical infrastructure retain significant residual value. We do not promise outcomes; we share modelled scenarios and let investors form their own view.