Vancouver, BC, Canada – APRIL 28th, 2022 – Minaean SP Construction Corp. (TSX Venture Exchange: MSP; Berlin and Frankfurt Stock Exchanges: NJA) (the “Company” or Minaean SP) is pleased to announce that an Expression of Interest submitted for construction of the “ ARISTOTLE UNIVERSITY OF THESSALONIKI” project in Thessaloniki, Greece has been accepted and discussions are ongoing for a signing of a Memorandum of Understanding.
The new hospital complex will be an 800 bed university teaching hospital which will provide education and clinical facilities and a research centre. The existing AHEPA Hospital will be relocated to the new facilities on a 220 acre farm owned by the university near the airport.
It is proposed that the new hospital will have a capacity of 800 beds in buildings totaling 80,000 square meters, the School of Medicine of the Aristotle University of Thessaloniki in buildings totaling 40,000 square meters and the Research Centre in buildings totaling 20,000 square meters. In addition, the premises will have a conference and exhibition centre, a hotel for the organization of international conferences and exhibitions of a medical nature, a shopping centre and a medical store.
The Government of Greece has announced a Euro 100 million contribution towards the development of the infrastructure and the European Investment Bank has agreed to conduct the feasibility study and part of the financing of the project. The government has agreed to guarantee the minimum revenues necessary to service the loan and ensuring profitability on the project.
Minaean SP is in discussions with the Government of Canada for support in leading the negotiations with the Ministry of Education (Government of Greece) and various reputed corporations for the formation of a consortium for developing and executing this Euro 284 million project on a public private partnership basis.
The Company has made considerable progress over the past few months in formulating a structure and is awaiting the clearance from the European Union for Minaean SP and the Canadian consortium to lead in the execution of this project.
ARISTOTLE UNIVERSITY HOSPITAL – BACKGROUND
AHEPA University Hospital was founded in 1947 with the economic support of the AHEPA, which is a Greek organization in the United States of America. It opened for the public in 1951, during the celebration of the 25th anniversary of Aristotle University of Thessaloniki. It is considered to be one of the biggest hospitals in Greece, based in Thessaloniki and is associated with the 4th Health District of Health Services of Macedonia and Thrace as an independent service, with administrative and economic autonomy.
On May 29, 2026 the ownership of the AHEPA Hospital will be ipso facto transferred from the State to the Aristotle University. The AHEPA Hospital will then operate under the auspices of the Ministry of Education as an asset belonging to the Aristotle University.
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 157 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 negotiating contracts in Africa and Latin America and is focusing more on 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.
Mervyn Pinto
President & Director
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