SINGAPORE (Jan 14): Sapphire Corporation, the infrastructure design and construction group in China, announced that the group’s 97.6% owned subsidiary, Ranken Railway Construction Group Co, has secured a Engineering, Procurement and Construction (EPC) contract of RMB 832 million ($166.5 million) related to its PPP project in Chengdu.
The scope of work related to the EPC contract includes engineering, procurement and construction works associated with the water environment protection, ecological restoration, flood control measures, building infrastructures and lifestyle amenities of this PPP project.
On Nov 19 2018, the group announced that Ranken and its consortium partners had secured a PPP project to carry out investment and financing, design, build, operate and transfer works for the first phase of Wuhou District, “Liveable River Bank” project in Chengdu, Sichuan province, China.
Sapphire’s subsidiary and consortium partners wins $277 mil PPP project in Chengdu
The PPP project involves the design, build, finance and management of ecological restoration, flood control measures and building infrastructures along an 18.68 km embankment along Jiang An River, one of the key waterways in Chengdu.
Work on the PPP project is expected to last 15 years, comprising two years of construction work as well as a 13-year operational and management rights for the building infrastructures along the river bank.
As announced on Dec 30 2018, Ranken, being one of the consortium parties, has injected RMB 25 million in cash for a 25% stake in the PPP’s project company, Chengdu Derun Jinlong (CDJ) Environmental Management Co.
The other well-known consortium partners in the PPP project include Chongqing Derun Environment Co, Chengdu Wuhou Industrial Development Investment Management Group Co and Beijing Enterprises Water (China) Investment. They have each invested in theri proportionate share of the registered capital and capital reserve in CDJ Environmental Management Co.
Shares in Sapphire last traded at 12 cents on Jan 11.
