Affordable Housing Project, Ministry of Housing, Ghana – Minaean Submits IVRCL’s Proposals with Financial Term Sheet
Vancouver, BC, Canada – Tuesday, February 25, 2014 – Minaean International Corp. (TSX-V: MIB; Berlin and Frankfurt Stock Exchanges: NJA) (“Minaean” or the “Company”), a Canadian-based developer of alternative building technologies using light-gauge steel, is pleased to announce that it has submitted Technical and Financial proposals along with a Financial Term Sheet confirming its ability to finance the project for construction of Affordable Housing Units in Ghana.
Pursuant to the Memorandum of Understanding (MOU) signed with IVRCL Ltd. (“IVRCL”) of Hyderabad, India, upon pre-qualification from the Ministry of Water Resources, Work and Housing (“MoWW&H”) to construct Affordable Housing Projects in Ghana, Minaean was requested to submit Technical and Financial Proposals for construction of the first phase of 5,000 units of Affordable Housing Contract. IVRCL has now obtained the Financial Term Sheet from their financial institution for financing the $275 million contract, with the first phase being the construction of 1,000 units and IVRCL/Minaean have completed and submitted the proposals to MoWW&H. The Ministry will now study the proposals and allocate the land for construction upon which the Detail Project Study will be conducted and contract negotiations shall commence. Based on the understanding reached upon signing of the MOU, IVRCL will be operating as General Contractors and Minaean as IVRCL’s sub-contractors / contract managers for the project. The first phase of the project would be the construction of 1,024 units of two and three bedroom apartments in four storey walk-up apartment buildings in a configuration of 70% / 30% as desired by MoWW&H.
The focus of the Government of Ghana is to provide affordable housing to the masses with an efficient mortgage loan facility through Ghana Home Loans. The Government of Ghana has a target of constructing approximately 50,000 units during the next four years to maintain its election promises. In this regard, the Government of Ghana has already awarded a contract for construction of 5,000 units to a Brazillian group and 4,120 units to an Italian group. H.E. President Mahama conducted the ribbon cutting ceremony on November 6th, 2013 inaugurating the commencement of the Brazilian contract.
Minaean has been working with Dessau Inc., a Montreal based company, in the negotiation of a contract for construction of staff housing at Tema General Hospital and another contract with Nanjing Construction Group of China for construction of 1,000 units for Staff Housing for Security Personnel.
About IVRCL Ltd.
“IVRCL Ltd.” is a multi faceted company headquartered in Hyderabad, India, which commenced its commercial operations in 1990. Since then, the company has established itself as a premier EPC & LSTK Service Provider with front-end engineering capabilities. The company is one of the most successful in India in executing BOT/BOOT/DBOOT projects since 2001. A leader in the movement and treatment of water in India, the company has built 25,000 kilometers of pipelines across the country, 2,300 kilometers of canals and built India’s largest desalination plant in Chennai, which supplies drinking water to over 5 million people every day.
Since 2006, the company has acquired and successfully operated Hindustan Dorr-Oliver (HDO), a leading Indian Engineering, Procurement and Construction (EPC) Company. Davy Markham is engaged in design, manufacture, fabrication and machining of heavy and complex engineering components and assemblies. Alkor Petroo Ltd (Alkor) is a Hyderabad based subsidiary of IVRCL engaged in Oil & Gas Exploration & Production.
IVRCL has put in place stringent policies to create a safe and healthy environment at the project sites. The company’s policy for Health, Safety & Environment has been consistent towards achieving a ZERO Loss Time Injury.
Minaean International Corp. specializes in design, engineering, production and installation of modular and prefabricated buildings using its light gauge steel construction system trade marked “Vesta Quik-BuildTM and Artisan Quik-BuildTM”. The Company operates through its two wholly owned subsidiaries, Minaean Habitat (India) Pvt. Ltd in India and Minaean Ghana Inc. in Ghana, Africa. Through the expansion of its business model, Minaean has entered the African housing market, promoting the business of affordable housing projects in Ghana, Africa.
As pioneers in the Indian market, Minaean’s success in supply of modular buildings, designed, engineered and prefabricated in the factory environment and capable of being assembled and delivered within 7 days, has been an addition to the Company’s innovative construction technologies. The application of the modular building concept has been expanded to produce and install Bus Queue Shelters, ATM Modular Buildings, Modular Toilets and Public Washrooms, office blocks and bunkhouses for campsites. The strong, affordable, ecologically sustainable structures present a promising solution to the mass housing shortages in developing countries and disaster-stricken areas, in addition to a range of conventional applications.
Through its “Artisan Quik-Build” system, Minaean has conducted engineering and constructed buildings up to 7 stories high in Oregon, USA.
Shares of Minaean International Corporation are publicly traded on the TSX Venture Exchange under the symbol “MIB” and on the Berlin and Frankfurt Stock Exchanges under the symbol “NJA”. For more information, please visit www.minaean.com.
On behalf of the Board of Directors
MINAEAN INTERNATIONAL CORP.
“Mervyn Pinto ”
Mervyn Pinto, President & Director
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