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Sapphire Corp to acquire a China Infrastructure Engineering business
Sapphire Corporation Limited announced that it has entered into a conditional agreement to purchase 100% of a China Infrastructure Engineering business. The company is Ranken Infrastructure Limited. It is China’s second largest privately owned integrated rail transport infrastructure construction group. Also Ranken is the only privately owned operator in China which has obtained the full AAA-certification for design, construction and private consultation for the rail sector. Ranken recorded a net profit of RMB 19.4 million for the 1H 2014 and has an orderbook of RMB 2.1 billion over the next 3 years. The total purchase consideration is RMB 360million and is made up of cash, issuance of Sapphire Corp shares and loans.
GET TO THE POINT : This is the business that is expected to take the place of Sapphire’s recently divested steel business which was loss making. Sounds exciting.
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The post Sapphire Corp to acquire a China Infrastructure Engineering business appeared first on Asean Equities Review.
