CFA Society Singapore
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.