SINGAPORE and HONG KONG, Jan. 16, 2013 /PRNewswire/ -- 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 its joint venture company, Nanjing SR Puzhen Rail Transport Co., Ltd. ("NPRT"), has won its first 100% low-floor tram project valued at approximately RMB338 million.
The contract is awarded by Suzhou New District Tramway Co., Ltd, for the supply of 18 100% low-floor trams for the Suzhou National New & Hi-tech Industrial Development Zone Tramline 1, a light rail line that is currently under construction. Delivery of the trams is slated to take place in 2014 and is expected to contribute positively to the Group's financial performance for the financial year ending 2014.
Commenting on NPRT's latest contract win, Mr Patrick Chew, CEO of Midas, said, "Modern low-floor trams offer a suitable solution to the transportation needs of small- and medium-sized PRC cities and can also serve as a feeder service connecting to major metro lines. We are enthused by the potential of this new segment, which underscores the considerable opportunities that the PRC transportation sector presents."
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.
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 and China CNR Corporation Limited, as well as international customers such as Alstom Transport, Siemens AG 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.
