Sapphire Corporation bags $200m railway infrastructure contract in China

This is its first foray into rail infra development.

Mainboard-listed Sapphire Corporation has secured a $200m (RMB428m) rail infrastructure construction contract through its recently-acquired subsidiary Ranken Infrastructure.

Ranken, which Sapphire acquired in October 2015, will carry out new projects for urban rail transit metro lines in two cities – Guiyang and Qingdao – and construct a tunnel as
part of the 1,814km cross-country Menghua Railway project over the next 2 to 3 years.

Of the three contracts, the 2.3km urban rail transit No. 2 Guiyang Metro Line (Phase One) in Guiyang, worth RMB428 million (S$93.7 million), is the largest and is
expected to be completed within 24 months.