Minaean SP Construction Corporation Secures Sub-Contract For Execution Of Hilton Freetown Cape Sierra Hotel From Shapoorji Pallonji Mideast LLC
Vancouver, BC, Canada – April 4, 2016 – Minaean SP Construction Corporation (TSX-V: MSP; Berlin and Frankfurt Stock Exchanges: NJA) (“Minaean” or the “Company”) is pleased to announce that its newly formed subsidiary in Sierra Leone, Minaean SP (SL) Ltd., has been awarded with a subcontract for the construction of Hilton Freetown Cape Sierra Hotel, Sierra Leone, currently in progress. The subcontract, valued at US$1,004,650, involves local procurement and execution of the contract using local labor force.
The new Hilton Freetown Cape Sierra Hotel will be included in the Hilton Honors Program and will benefit from the Hilton Worldwide global reservation network. Construction of the new Hilton Freetown Cape Sierra Hotel is expected to be completed in Q3 2016. The new property will be a resort and business hotel located in Freetown, overlooking the local coastline, which incorporates one of the largest natural harbours in the world. Work has commenced onsite and the Hilton Freetown Cape Sierra Hotel, which is due to open in 2017, will feature 200 rooms, including 17 suites, a business centre, health club, outdoor pool and five restaurants and bars.
Mr. Mervyn Pinto, CEO of Minaean, comments, “Securing the Hilton Freetown Cape Sierra Hotel contract is a promising milestone achieved by the Company since its affiliation with Shapoorji Pallonji International FZE (SPINT). We look forward to securing more opportunities in our robust pipeline.”
SPINT’s worldwide expertise in hospitality construction is second to none. The Park Towers and Taj Resorts in Dubai, and Marriott Hotel in Abu-Dhabi are well known hotel structures in the Middle East. The India-based parent company’s expertise in the construction of hotels is highly regarded and is showcased through the Taj Mahal Hotel in Mumbai which is one of the finest and most renowned hotel structures worldwide.
ABOUT SHAPOORJI PALLONJI MIDEAST LLC.
Shapoorji Pallonji Mideast LLC is a subsidiary of Shapoorji Pallonji International FZE (SPINT), one of India’s largest construction and real estate organizations. SPINT was formed in April 2008 in Dubai. SPINT monitors and controls all the international operations of its parent company, Shapoorji Pallonji & Co. Ltd., India.
Since its inception, SPINT has opened offices in Qatar, Saudi Arabia, Kuwait, Iraq, Libya, Algeria, Kenya, Nigeria, Sri Lanka and plans to expand further in the African continent. The Shapoorji Pallonji group has over 223,000 (23,000 permanent and 200,000 temporary) employees with annual revenues of in excess of US$3.1 billion. Segments served by SPINT include Hospitality, Education, Residential, Healthcare, Commercial, Stadiums, Automobile, Retail, IT/ITES, Industrial and Water.
Minaean was well known for its pioneering efforts in the manufacturing and fabrication of light gauge steel (LGS) structural wall panels for the construction industry and modular metal buildings in USA and India. The strong, affordable, ecologically sustainable structures provided a solution to the mass housing shortages in developing countries in addition to a range of conventional applications. Minaean has completed over 500 modular buildings and executed over 20 projects using their proprietary LGS System.
In August 2015, Minaean entered into a strategic partnership with SPINT. The new partnership resulted in the name change to Minaean SP Construction Corp., provided new capital, and positioned Minaean to bid and execute on mass housing and other construction projects.
The shares of Minaean 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 CORPORATION
President & Director
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