[Ghana] Williamsville Sears set to acquire Royal Systems
Williamsville Sears Management Inc. has entered into the definitive agreement of the previously announced acquisition of Royal Systems & Services Limited in Ghana.
On August 1 2017, Royal Systems signed a 23-year “BOOT”- Build, Own, Operate, and Transfer- agreement with Takoradi Technical University (TTU), located in Takoradi, the Western Region of Ghana, to construct a student hostel.
The Takoradi Technical University Hostel is a ~3000-bed student hostel project designed to support the university house s section of its student population to be admitted to a new satellite campus under construction.
The facility is designed to be an ultra-modern state of the art structure using advanced building technology and will be located on an 8.0-acre land within the school campus.
Construction works began in January 2017 and the first phase, a 1000-bed block is expected to be complete in December 2018 before the beginning of the first academic year on the new campus. The project after completion will help immensely to plug the perennial accommodation deficit facing the school, also provides the unique opportunity for Royal Systems to expand its existing operations into the student hostel real estate subsector, a very profitable market in Ghana.
Royal Systems & Services Limited is a fully diversified service provider that has 6 divisions, Telecommunications, General Civil Construction & Design, Alternative Power Supply, Material Supplies, Student Accommodation and Mining Services.
Royal Systems counts Huawei, Vodafone, Eaton Towers, Helios Towers, Airtel, Tigo, Societe Generale, ATC Ghana, Tigo, and Eco Bank among its long term clients in its Telecommunications Division.
As filed on FORM 8K with the Securities and Exchange Commission on June 25, 2018, the terms of the agreement are available as an exhibit.
Amanda J. Wester, the Chief Financial Officer of Williamsville Sears, stated: “We are pleased to welcome Royal Systems to the Williamsville Sears Management Inc. family. Royal Systems is undertaking high demands for university housing for students which benefits the student, the economy and our shareholder.”
The Chairman & CEO of Williamsville Sears Management, Inc., Kent A. D. Clark stated, “Today is a great day for WSML and our Partners. We are expanding our global reach and continuing to improve the quality of life of the community’s in which we serve. Today we are expanding the housing for future generations of students. I look forward to visiting this project and many others soon on behalf of our Shareholders and Partners. We welcome Mr. Samuel Quadjie, Founder & CEO of Royal Systems to our Family of Subsidiaries today.”
Mr. Samuel Quadjie, Founder & CEO of Royal Systems, added: “We are highly excited to join the Williamsville family and be part of something great which we believe will help Royal Systems to reach for even higher heights. I look forward to working with the Williamsville leadership, Kent A. D. Clark, David Smith and Amanda Wester.”