Sapphire Corporation has announced that its 97.6% owned subsidiary, Ranken Railway Construction Group Co., has secured an EPC contract of CNY832 million (US$123.0 million) for the first phase of Wuhou
District, “Liveable River Bank” project in Chengdu, Sichuan Province, southern China.

The project involves the design, construction, financing and management of ecological restoration, flood control measures and building infrastructures along an 18.68 km embankment of Jiang An River, one of the key waterways in Chengdu.

A 15-year design-build-finance-operate-transfer (DBFOT) contract for the project was awarded to a consortium of Ranken, Chongqing Derun Environment Co., Ltd., Chengdu Wuhou Industrial Development
Investment Management Group Co., Ltd. and Beijing Enterprises Water (China) Investment Limited in November 2018.

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.