Sapphire wins 2 new rail infrastructure contracts worth $176 mil

Sapphire wins 2 new rail infrastructure contracts worth $176 mil

Stanislaus Jude Chan
12/10/17, 05:54 pm

SINGAPORE (Oct 12): Sapphire Corporation’s wholly-owned subsidiary, Ranken Railway Construction Group Co., has won two rail infrastructure contracts in China totalling RMB 856 million ($176 million).

The new contracts lift Ranken’s order book to a record high of RMB 3.4 billion.

See: Sapphire eyes China railway deals, cuts mining stake, mulls HK listing

The first contract, worth RMB 561 million, will see Ranken build part of the 24.5km Dalian Metro Line 5, including the construction of two stations along the line.

Ranken will also build the section connecting Ganjingzi Station to Shanhua Street Station, and the section linking Ganjingzi Station to Barracuda Bay Station.

In addition, Ranken has secured part of the municipal construction contract worth RMB 295 million for the second phase of 13.35km Urumqi Airport Rail Transit Line 2.

Under the contract, Ranken will build a 3.6km interval between International Airport Station and Terminal 4.

The contracts are scheduled for completion in Nov 2019 and Dec 2019, respectively.

Sapphire Corp says the new projects are expected to have a positive impact on the group’s earnings per share and net asset value per share for the financial years ending 2018 and 2019.

“The rail network is still expanding fast and will cover most of the main cities under the existing infrastructure plans in China. These recent projects have expanded Ranken’s railway contract portfolio by more than RMB 1 billion in just one month,” says Teh Wing Kwan, group CEO and managing director of Sapphire.

Shares in Sapphire Corp closed half a cent lower at 28.5 cents on Thursday.

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