Sapphire shares surge 81.8% as it divests 43.87% equity stake of Ranken Railway for $55.3 mil

SINGAPORE (June 2): Engineering firm Sapphire Corporation announced on Tuesday that it is divesting its 43.87% equity sake in its subsidiary Ranken Railway for a cash consideration of RMB280 million (S$55.3 million).

Ranken Railway is Chengdu Kai Qi Rui Business Management (Chengdu KQR)’s 99.6%-owned subsidiary, and Chengdu KQR is Sapphire’s 98%-owned subsidiary.