Update on Business Development Efforts in Senegal
Vancouver, BC, Canada – July 13th, 2021 – Minaean SP Construction Corp. (TSX Venture Exchange: MSP; Berlin and Frankfurt Stock Exchanges: NJA) (the “Company”) is pleased to announce that it has commenced dialogue with the government of Senegal, Africa, for the development of hospitals and other priority infrastructure projects.
These exciting prospects have come about as a result of the recent visit of Canada’s Prime Minister to Senegal, the focus of which was to deepen the relations between Canada and Senegal through trade, investment and advancing shared priorities. Based on the information shared with the Company by the government of Senegal through the Canadian Trade Office, twelve priority projects have been identified to be of mutual interest – of which four are healthcare projects. During the recent webinar held by the Canadian Trade Office, the Company was one of the invitees amongst 37 other Canadian corporations, of which 5 were General Contractors. Being included in these discussions is of major significance to Minaean SP Construction Corp. and its mission to expand on its business prospects in Africa. Through Shapoorji Pallonji International’s local Dakar office Minaean SP Construction Corp. is extremely well positioned to potentially realize on some of these business opportunities.
Senegal is characterized as a stable democracy with ambitious plans for expanding private investments. Senegal is working on its “Emerging Senegal Plan” in which it aims to boost sustained and inclusive growth through economic reforms and private sector driven investment projects. With this plan, Senegal is working to structurally to transform its economy, improve its strong macroeconomic performance, and achieve emerging market status by 2035. It is important to note that Senegal has experienced one of the highest GDP growth rates in the ECOWAS (Economic Community of West African States) over the last five years. Due to COVID-19 this growth has slowed down and in order to reignite this economic growth, the government has a $1.7 billion stimulus package that focuses on the health sector, private sector and vulnerable households.
To learn more about the visit of the prime minister to Senegal, click here https://pm.gc.ca/en/news/news-releases/2020/02/13/prime-minister-concludes-productive-visit-senegal.
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. Upon partnering with India’s well known 156 year old construction conglomerate “Shapoorji Pallonji Group” (SP) in 2016 as an affiliated subsidiary, the Company changed its business model to take advantage of its $7 billion revenue partner’s expertise and track record in Construction and Infrastructure projects globally. The Company through its business relations established with the Government of Canada’s trade offices has been developing contracts in Africa and Latin America and is focusing more towards construction of hospitals in these countries.
SP is known for its expertise in construction of hospitals, having constructed their first hospital project in Mumbai, India in 1923. Since then SP has established its credibility in this field having completed construction of 45 hospitals, the last one being the well known 600 bed “Al Sabah” hospital in Kuwait. The Company establishes its ability to execute these contracts in partnership with SP and is confident of being a front runner in this industry by the end of this decade.
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.
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