Sapphire Corp bags contracts worth 235.9m yuan

Published Tue, May 26, 2020 · 11:10 AM

SAPPHIRE Corporation's subsidiary Ranken Railway Construction Group has secured two engineering, procurement and construction (EPC) contracts in Xinjiang's capital Urumqi, and a lease of its tunnel-boring machine - deals with a total aggregate value of about 235.9 million yuan (S$47.66 million).

The EPC transportation-infrastructure project has a contract value of about 203 million yuan for the expansion of the North District of the Urumqi Airport; Ranken will jointly construct (with an undisclosed joint-venture partner) a 1.73 km section from Airport Terminal 4 to East Airport Road - a job that will also include an underground subway station. The project has been scheduled for completion by end 2022.

The other EPC project Ranken has secured is for infrastructure upgrading at Midong district, one of Urumqi's seven urban districts. With a contract value of a 21.5 million yuan, this project is expected to be completed by the end of this year.

Separately, Ranken has secured a lease of its tunnel-boring machine, which will be used in the building of a segment of Shenzhen's Metro Line 14. The lease has a contract value of 11.4 million yuan and includes the provision of technical-guidance services and training by Ranken for a period of 14 months.

Following this, the infrastructure design and construction group's order book stands at 1.5 billion yuan. The group said that the contracts are expected to have a positive impact on its financial performance for the financial year ending Dec 31.