Sapphire Corp on track to win more rail contracts with HNA backing

SINGAPORE (Oct 26): Shares in Sapphire Corp, the railway infrastructure engineering firm, closed 6% or 2 cents to 32 cents on Friday with 1.5 million shares changing hands . 

The Edge Singapore this week (Issue 803) reports China’s HNA Holding Group Co is acquiring a major stake in Sapphire. This could open doors for the company to win more contracts amid a boom in infrastructure development spending in emerging markets.

On Oct 18, Sapphire said HNA’s subsidiary Hong Kong International Construction Investment Management Group (HKICIM) would issue more than 40.5 million new shares at HK$4.08 (18.9 cents) each in exchange for more than 56.5 million shares in Sapphire, held by an entity called Ou Rui, which is controlled by an individual named Li Xiaobo.

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