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Sapphire partners Haitong Singapore to explore regional finance and investment opportunities
MAINBOARD-LISTED Sapphire Corporation has joined forces with Haitong International Securities Group (Singapore) to explore capital markets opportunities in the region.
On Wednesday, the company, which provides rail infrastructure and mining services, said that it has inked a memorandum of understanding with Haitong Singapore.
Both parties will "identify and pursue cross-border corporate finance and investment opportunities with a focus on China's Belt and Road initiative".
Haitong Singapore will help Sapphire to source for potential funding and investors, using Singapore as a "strategic" platform.
The two firms will cooperate to exchange information and share resources as new investment opportunities arise.
Sapphire expects that the partnership will expand the scope of potential projects for its wholly owned subsidiary, Ranken Infrastructure, in sustainable infrastructure construction, namely urban rail transit and water environmental improvement.
Sapphire said China-based Ranken is a core business, which has undertaken large-scale municipal and urban rail transit projects in China, India, Bangladesh, and Saudi Arabia.
The partnership is not expected to have any material effect on the earnings per share and net asset value per share of the company and the group for the financial year ending Dec 31, 2018.
Sapphire was trading at S$0.20 as of 2.59pm, down 0.5 Singapore cent, or 2.4 per cent.