Sapphire Corp secures $87.2 mil engineering & construction contract in Hangzhou

Sapphire Corp secures $87.2 mil engineering & construction contract in Hangzhou

By: 
Michelle Zhu
17/09/18, 10:54 pm

SINGAPORE (Sept 17): Sapphire Corporation has secured a contract valued at RMB 436 million ($87.2 million) for the engineering and construction of core infrastructure structures for an urban subway system in Hangzhou, China.

The project involves the construction of a subway station and two intervals, including underground passenger pathways access in an urban environment.

As the highlight of the project, this showcases the Sapphire’s multi-disciplinary engineering and project management capabilities, says the group in a filing on Monday.

Completion of the structures will be planned in phases over a 22-month period, during which Sapphire anticipates revenue to be recognised based on the progressive completion of the project.

As such, the group expects to have a positive impact on its financial performance during this period.

“With specialised experience in designing and constructing large-scale infrastructure assets, Sapphire has amassed a strong record of project execution in urban subway systems in China,” comments Wang Heng, CEO of Sapphire.  

“Winning a contract of such a large scale is a testament to our capabilities in this field and it further cements our footprint in our core markets, we look forward to completing this project on a timely basis,” she adds.

Shares in Sapphire closed 0.8% lower at 12 cents on Monday.

Next stop: The interchange of public and private good

SINGAPORE (May 20): Two-minute intervals between trains. Fewer breakdowns. Clean, new buses running at a higher frequency. Bright LED screens displaying details of stops on both buses and trains. To many commuters who are enjoying these benefits, the meltdown of Singapore’s transport system in December 2011, and again in July 2015, is a distant memory. Certainly, services have improved significantly. There are new trains and buses, while existing ones have been spiffed up. There has been an overhaul of the older rail systems, presumably including fixing the grips for the electricity rail ....
Read More >>
Moving from compliance to accountability

While the collection, use and disclosure of data is regulated by the Personal Data Protection Act, b

Failed Innopac deal portends mining magnate Gutnick’s woes in Australia

SINGAPORE (May 20): The Australian Securities and Investments Commission (ASIC) is seeking judicial permission to wind down mining company Merlin Diamonds. The regulator is also probing into whether its chairman Joseph Gutnick failed in his duties. Gutnick, who is known as “Diamond Joe”, is under investigation for a A$13 million ($12.3 million) loan made by Merlin to AXIS Consultants, a private company linked to him. Merlin shares have been suspended from trading since October 2018. ASIC is seeking an order to appoint Deloitte to liquidate Merlin, owner of the Merlin Diamond Mine Pro....
Read More >>