Sapphire Corporation recently acquired Engineering, Procurement and Construction (EPC) business, Ranken Infrastructure, has secured new railway infrastructure contracts in China, worth RMB916 million ($200 million).
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, is the largest and is expected to be completed within 24 months.
Meanwhile, the railway infrastructure engineering contracts secured in Huangdao District, Qingdao are worth about RMB377 million.
The contracts are for the China University of Petroleum and Taihang Mountain Road underground stations along the No. 1 Qingdao Metro Line at Chang Jiang Road, as well as a tunnel connecting both stations, which Ranken will complete within 35 months.
For the Menghua Railway project, Ranken will act as subcontractor for the construction of a tunnel at Dawei Mountain, which will also take place over 35 months. The entire railway will link Inner Mongolia to five provinces and end at Jiangxi. Ranken's contract is worth about RMB110.5 million.
These new contracts are scheduled to be delivered after 2015, and are not expected to have any material effect on the earnings per share and net asset value per share of Sapphire Group for the financial year ending 31 December 2015.
Sapphire closed 0.96% lower at 10.3 cents.
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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, is the largest and is expected to be completed within 24 months.
Meanwhile, the railway infrastructure engineering contracts secured in Huangdao District, Qingdao are worth about RMB377 million.
The contracts are for the China University of Petroleum and Taihang Mountain Road underground stations along the No. 1 Qingdao Metro Line at Chang Jiang Road, as well as a tunnel connecting both stations, which Ranken will complete within 35 months.
For the Menghua Railway project, Ranken will act as subcontractor for the construction of a tunnel at Dawei Mountain, which will also take place over 35 months. The entire railway will link Inner Mongolia to five provinces and end at Jiangxi. Ranken's contract is worth about RMB110.5 million.
These new contracts are scheduled to be delivered after 2015, and are not expected to have any material effect on the earnings per share and net asset value per share of Sapphire Group for the financial year ending 31 December 2015.
Sapphire closed 0.96% lower at 10.3 cents.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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