AfroCentric Investment Corporation Limited ("AfroCentric”) is a black-owned, investment holding company which is substantially invested in healthcare. AfroCentric was established in 2008 and is listed in the healthcare sector on the JSE.
Through its operating subsidiaries, AfroCentric provides health administration and health risk management solutions to the healthcare funding industry. In addition, AfroCentric provides a range of complementary services to its traditional medical scheme clients as well as a portfolio of healthcare-related enterprises. These services include IT solutions, transactional switching and specialised disease management.
AfroCentric acquired a 100% interest in Pharmacy Direct, a courier pharmacy; 100% of Curasana, a pharmaceutical wholesaler; and a 26% stake in Activo Health, a southern African distributor of generic medicines as well as complementary nutraceutical products effective 1 August 2015. These acquisitions should not only improve the Group’s earnings, but will provide greater access to the wider healthcare delivery value chain and greater visibility in the relevant markets.
Sanlam Limited concluded its acquisition of a 28.7% stake in ACT Healthcare
Assets, a wholly-owned subsidiary of the Group, subsequent to year-end. This strategic alliance with one of the country’s foremost financial institutions will enhance the Group’s marketing and distribution initiatives and position certain divisions within the Group on an improved growth path.
Growth and diversification outside South Africa has always been a strategic imperative. Medscheme has a presence in Botswana, Namibia, Swaziland, Kenya and Zimbabwe, and through its business process outsourcing centre in Mauritius provides services to several large European and UK-based health insurance companies.
AfroCentric seeks to invest in related businesses that demonstrate prospects for growth, while contributing to the sustainable health and welfare of South African communities.
Medscheme is the Group’s largest subsidiary and is one of South Africa’s largest medical scheme administrators and managed care providers. Founded over four decades ago, Medscheme has more than 3.2 million lives under management through its 15 client medical schemes in South Africa. It is the largest black-owned medical scheme administrator, with a national footprint of 16 offices in all the major centres in South Africa, employing over 3 000 staff.
In striving to achieve its vision of "facilitating the delivery of sustainable healthcare services” AfroCentric continues to provide the healthcare sector with practical strategies for expanding the membership of its medical scheme clients, and new initiatives that promote more efficient and effective patient care and treatment management.
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