SINGAPORE & HONG KONG, Dec. 27, 2011 /PRNewswire-Asia/ -- Midas Holdings Limited ("Midas" or the "Company", together with its subsidiaries, the "Group"; SGX-ST stock code: 5EN; SEHK stock code: 1021) announced today that its Aluminium Alloy Division, Jilin Midas Aluminium Industries Co., Ltd ("Jilin Midas") has been awarded three new contracts from international and PRC customers.
The first contract, worth approximately EUR7.2 million (equivalent of approximately RMB59.4 million), is awarded by Bombardier Transportation Brasil Ltda. Under the terms of the contract, Midas will supply aluminium alloy extrusion profiles, including fabricated parts, for 371 train cars, for the Sao Paulo Expresso Tiradentes project in Brazil. Delivery for this project is expected to take place progressively from 2012 to 2015. This contract is not expected to have any impact on the Group's financials for the financial year ending 31 December 2011.
The second contract, worth approximately RMB44.8 million, is awarded by the Group's JV company Nanjing SR Puzhen Rail Transport Co., Ltd ("NPRT"). Under the terms of the contract, Midas will supply aluminium alloy extrusion profiles for 24 train sets (1 train set = 6 train cars), or 144 train cars for the Shanghai Metro Line 13.
The third contract, worth approximately RMB38.0 million, is awarded by CSR Zhuzhou Electric Locomotive Co., Ltd ("CSR Zhuzhou"). Under the terms of the contract, Midas will supply aluminium alloy extrusion profiles for 25 train sets (1 train set = 6 train cars), or 150 train cars for the Zhengzhou Metro Line 1.
These two PRC metro contracts are expected to be completed by 2012 and are expected to contribute positively to the Group's financials in financial years ending December 31, 2011 and 2012.
Commenting on the Group's latest contract wins, Mr. Patrick Chew, CEO of Midas, said, "We are delighted to have secured contracts from both PRC and international customers. This is a clear demonstration of customers' confidence in the quality of Midas' products as well as our growing international footprint."
"We will continue to build on our strong track record and work closely with our partners to explore growth opportunities, and strengthen our leadership position in the industry."
About Midas Holdings Limited
Founded in 2000, Midas is today the leading manufacturer of aluminium alloy extrusion products for the passenger rail transportation sector in the PRC. Over the years, Midas has built an established track record in supplying to the PRC passenger rail transportation sector, which includes participation in landmark contracts such as trains for the Beijing-Tianjin High Speed Train Project, and inter-city high speed trains for the CRH3-380 Project. Midas' customers include domestic PRC licensed train manufacturers from China South Locomotive & Rolling Stock Corporation Limited ("CSR") and China CNR Corporation Limited ("CNR"), as well as international customers such as Alstom Transport ("Alstom"), Siemens AG ("Siemens") and Bombardier Transportation.
Midas has a strategic 32.5% stake investment in Nanjing SR Puzhen Rail Transport Co., Ltd ("NPRT"), an associate company engaged in the development, manufacturing and sale of metro trains, bogies and their related parts. NPRT is one of the four Licensed Metro Manufacturers licensed to undertake metro train projects on a nationwide basis in the PRC.
In recognition of its consistent growth and profitability, Midas is one of only six companies, and the only aluminium alloy extrusion products manufacturer, in Asia to be included in Forbes Asia's "Best Under A Billion" list for four consecutive years from 2006 to 2009. The Company was also awarded the "Best Investor Relations Award (Gold)" at the Singapore Corporate Awards 2010 in the "S$300 million to less than S$1 billion market capitalisation" category. As testament to its strong brand name and reputation in the PRC, Midas was conferred the prestigious "China Well-Known Trademark" by the Trademark Office of the State Administration for Industry & Commerce of the PRC ("SAIC") in 2011.
Midas has a primary listing on the Mainboard of the Singapore Exchange Securities Trading Limited and a secondary listing on the Main Board of the Stock Exchange of Hong Kong Limited.
