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Sapphire Corporation secures 436m renminbi contract

SAPPHIRE Corporation has secured a new contract worth 436 million renminbi (S$87.2 million) to build a subway station and two intervals, including underground passenger pathways access in Hangzhou, China.

This brings its order book to 2.9 billion renminbi, the Chinese integrated infrastructure design and construction group said in a Singapore Exchange filing on Monday.

The project will be completed in phases over a 22-month period and revenue will be recognised based on its progressive completion.

It is expected that this contract will have a positive impact on the group’s financial performance during the 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," said chief executive Wang Heng.

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"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."Its shares closed on Monday 0.1 Singapore cent lower at S$0.125.