Minaean SP Construction Announces $257 Million Prospective Kenya Hospital Project
After a relatively quiet news cycle so far this summer, Minaean SP Construction Corp. (CVE: MSP) is once again making news. Although it hasn’t yet landed that defining infrastructure construction project signing, they did add another significant pipeline prospect to its roster. One that Minaean SP Construction President & CEO Mervyn Pinto believes has a good chance of closing in 2021.
Today, Minaean SP Construction announced that an Expression of Interest submitted for the construction of a hospital project in Kenya has been accepted and discussions are ongoing for the signing of a Strategic Partnership Agreement. The proposed Kabarak University Teaching, Research and Referral Mission Hospital (KUTRRMH) will be a 500 bed teaching specialty hospital consisting of a main hospital equipped with Cancer and Research centers, with a medical campus adjacent to the thriving Kabarak University campus in Nakuru County. The value of the contract is estimated to be approximately US$257 million.
Commenting on the event, we learn that this new project jumps to the front of the queue in terms of signability potential in 2021:
Shadd Dales: So, let’s talk about your latest press release which outlines your project in Kenya, which you kind of hinted that could be at the forefront of the closest project from closing. It’s now the leading contract—could be signed sometime in Q4 valued at $257 million dollars. It’s a university hospital in Kenya. So, could you explain to me more about the project and where it currently sits. And do you feel confident it will close at some point in Q4?
Mervyn Pinto: This project came to us about three years back, and we have been discussing but not—it had been a very lukewarm discussion. But the last, over the last four months the project has taken off because the client had invested practically about $4 million dollars in doing the business plan, the feasibility study, the drawings. And it is practically (inaudible) to be shovel-ready. And the client is very anxious because they have the land already with them. It’s a university hospital teaching project sitting on 86 acres of land. So, practically all loopholes have been plugged… and we expect the offer to be submitted practically over the next thirty days.
Along with June’s $100 million prospective “Super Specialty Hospital” expression of interest in Madagascar, Minaean’s prospect pipeline stands at over US$2.2 billion currently.
Click on the embedded link for more of our newest interview with Minaean SP Construction President & CEO Mervyn Pinto, in his own words.
To view our interview our past interview with Mervyn Pinto in June 2021, click here.