Sapphire secures 308 million yuan of metro contracts in China

SINGAPORE Exchange's Mainboard-listed Sapphire Corporation Limited announced on Monday that it had secured new infrastructure contracts in China worth about 308 million yuan (S$63 million), sustaining its order book at about 2.6 billion yuan, from about 2.5 billion yuan as previously announced.

Sapphire's engineering, procurement and construction (EPC) subsidiary, Ranken Railway Construction Group Co Ltd, secured a 224 million-yuan civil engineering contract for the Ningbo Rail Transit Line. Ranken has also procured total of 47 million yuan contracts relating to the supervision of construction works for part of the Chengdu Metro Line No 17, and part of Hefei Rail Transit Line No 5.

In addition, Ranken will undertake design consultancy works for the second phase of Taiyuan City's Metro Line 2, worth 37 million yuan. Previously, Ranken had won design and build contracts worth a cumulative 673 million yuan for the Metro Line's first phase of development.

With the exception of the Taiyuan extension, which is scheduled for completion by end-2021, the contracts will be fulfilled over the next 36 months.