SINGAPORE and HONG KONG, March 1, 2012 /PRNewswire-Asia/ -- Midas Holdings Limited ("Midas" or the "Company", together with its subsidiaries, the "Group"; SGX-ST stock code: 5EN; SEHK stock code: 1021) today announced that Suzhou Rail Transit Line 2 Co., Ltd has awarded a metro contract worth RMB526.9 million to its joint venture company, Nanjing SR Puzhen Rail Transport Co., Ltd. ("NPRT"), for the supply of metro train sets to the Suzhou Metro Line 2 Project.
Under the terms of the contract, NPRT will supply 23 train sets (1 train set = 5 train cars), or 115 train cars, with delivery expected to take place from 2013 to 2014. The contract is expected to contribute positively to the Group's financial performance for the financial years ending 2013 to 2014.
Midas has a 32.5% equity stake in NPRT, a Sino-foreign joint venture, engaged in the development, manufacture and sale of metro trains, bogies and their related parts.
Mr Patrick Chew, CEO of Midas, said, "The Suzhou Metro Line 2 Project marks NPRT's second metro contract win in Suzhou. Securing this project is testimony to NPRT's established track record as well as customers' continued confidence in the quality of its products.
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.
