Expression of Interest Requested and Submitted for Construction of Hospital Project in Madagascar
Vancouver, BC, Canada – June 17th, 2021 – Minaean SP Construction Corp. (TSX Venture Exchange: MSP; Berlin and Frankfurt Stock Exchanges: NJA) (the “Company”) is pleased to announce that it has submitted an Expression of Interest for the CONSTRUCTION OF A “SUPER SPECIALITY HOSPITAL” in Madagascar.
Pursuant to a conference call with the Head and management team of Direction Generale en charge des Projets (DGPP) of Madagascar on March 2nd, 2021 discussing the Company’s capabilities and interest in construction of a hospital project, an Expression of Interest (EOI) of was requested to be submitted. The project, involving design, finance and construction of a 100 bed “Super Speciality Hospital” to be executed through a Government to Government model was discussed in detail during the call. The EOI has now been submitted as per the request made by DGPP, Madagascar, with the Company’s profile and track record of its affiliated partner, Shapoorji Pallonji Group, which has constructed 45 hospitals exceeding 19,000 beds and growing. Through DGPP’s recent response, they have requested further details and clarification on the class of hospital that will be constructed. The communication is ongoing with DGPP to ensure the Company has the correct and specific information needed to work on a preliminary proposal. Based on the current indication and estimates, the budgeted construction cost of the hospital is expected to be approximately US$ 100 million.
In Madagascar, after years of socio-political crisis which weakened its health system and slowed down the progress of health development made during the previous decades, Madagascar has been working towards a socio-economic recovery of the country. The health sector plan has an ambitious goal that states “In 2030, the entire Malagasy population is in good health in a healthy environment in which they have a better and productive life”. The current government’s health policy prioritizes the provision of adequate and modern medical equipment and health facilities at regional and district levels to ensure quality care for its citizens.
In addition, the Government of Madagascar is seeking to establish universal health coverage for children under 5 years, pregnant women and people over 65. Challenges include access to medical facilities, distribution of medical staff, drug and medical supplies are not being sufficiently stocked, and sub optimal administration of the health sector. Over 60 percent of Madagascar’s people live more than 5 kilometers from a health center, often in very remote and difficult to reach areas without roads or communications.
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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