Minaean SP Construction Corp. Provides an Update on Upcoming Projects Pipeline
Vancouver, BC, Canada – March 25, 2021 – Minaean SP Construction Corp. (TSX Venture Exchange: MSP; Berlin and Frankfurt Stock Exchanges: NJA) ( “Minaean”) is pleased to provide an update on the Company’s current and future projects pipeline. Even in these unprecedented times, 2020 has been an encouraging year with Minaean having played a role in construction projects worth US$ 126 million. Minaean’s partner, Shapoorji Pallonji Group (“SP”) and the largest shareholder in Minaean SP Construction Corp., is a power house in the construction sector across the globe with an annualized revenue exceeding US$ 7 billion. SP has been a strong supporter of Minaean in the development and negotiation of number of projects.
Minaean is very excited to have several large scale projects potentially upcoming. The projects vary in size and location, and are essential to the countries within which they will be executed. There are 9 projects under development in 9 countries that are upcoming. The near term projects include contracts in Uganda, Cote D’Ivoire and Zambia. In Uganda, construction of an industrial park in the region called Kessesse is under negotiation. The proposal and draft contract have been submitted and the environmental study is in progress. Minaean’s and SP’s team visited Kampala, Uganda in 2020 to meet and discuss with the authorities concerned and laid the foundation for the submission of the proposal. In Cote D’Ivoire, a project study for the construction of a students campus to house 5000 students is ongoing. Partner company SP has invested US$ 2.25 million for conducting the project study. This is the first phase of the University project. In Zambia, a 250 bed trauma / tertiary hospital has been proposed for construction at the request of the government of Zambia which has confirmed it will issue a financial guarantee for the repayment of the funding of this project. Minaean is in discussions with various export credit agencies for underwriting the sovereign risk for the funding of this project.
About the Company
Minaean SP Construction Corp. is a company well known for its pioneering efforts in the manufacture of light gauge steel components for the construction industry and modular metal buildings in India. The strong, affordable, ecologically sustainable structures present a promising solution to the mass housing shortages in developing countries in addition to a range of conventional applications. The company is an affiliate of well known construction conglomerate, 156 year old “Shapoorji Pallonji Group” (SP) from India. SP is known for its expertise in construction of variety of projects including smart cities, malls, commercial and residential complexes, hospitals, hotels, roads and railways.
The shares of Minaean SP Construction Corp. (parent company) are publicly traded on the TSX Venture Exchange under the symbol “MSP” 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 SP CONSTRUCTION CORP.
President & Director
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