VANCOUVER, BRITISH COLUMBIA / TheNewswire / November 17, 2015 – Crownia Holdings Ltd. (TSX-V: CNH) (“Crownia” or the “Company”) is pleased to announce that its subsidiary, Jinsili International Steel Holdings Co., Ltd. (“Jinsili”) has successfully won two tenders and entered into two letters of intent (“LOIs”) with two companies owned by the Bangladesh Ministry of Defence, representing total contract size of approximately US$1,000,000 (CAD$1.3 million).
The first LOI was signed with Dockyard & Engineering Works Ltd. (“DEW”). Pursuant to this DEW LOI, Crownia is to deliver 480 metric tonnes of MS angle, MS Tee Girder and MS Bulb bar steel products for a total purchase price of US$223,900 at an average price of US$466 per metric tonne. DEW is one of the oldest dockyard/shipyards in the Indian subcontinent and possesses a long history of ship building and repair work. It was established in 1926 on the eastern bank of river Shitalakkha, in the city of Narayanganj, approximately 32 km from the capital city of Dhaka. DEW has been owned by the Ministry of Defence and operated by the Bangladesh Navy since 2006.
The second LOI was signed with Khulna Shipyard Limited (“Khulna”). The Khulna LOI calls for a total purchase price of US$751,100 with an average price of US$370 per metric tonne for a total of 1,850 metric tonnes of MS steel plate products. Khulna is an independent government-owned commercial enterprise controlled by the Ministry of Defense and operated by the Bangladesh Navy. Khulna, with over five decades of industry experience, has been a leader in the Bangladesh Shipbuilding industry and has built a wide range of vessels conforming to international specifications and regulations.
“We are pleased to sign these two LOIs with DEW and Khulna,” commented Herrick Lau, CEO of Crownia. “These LOIs demonstrate our commitment to cultivate new business opportunities in Bangladesh, following our successful sales activities in this country in the past fiscal year. Both DEW and Khulna are owned by the Bangladesh government which is committed to expanding its shipbuilding industry. Crownia plans to develop Bangladesh as a key/strategic market for our products in the future.” (See news release dated October 29, 2015.)
About Crownia Holdings Ltd.
As a specialty steel trading company, Crownia provides value-add through identifying suitable suppliers for products that best suit customer needs, establishing distribution centers in optimal locations, and providing superior sales and after-sale services to customers. For more information, please contact Gilbert Chan at (604)488-8878 or email email@example.com.
On behalf of the Board of Directors,
Crownia Holdings Ltd.
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