SINGAPORE and HONG KONG, Feb. 6, 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 a RMB710 million metro contract.
Awarded by Nanjing Metro Company Limited for the supply of 26 train sets (1 train set = 4 train cars), or 104 train cars, for the Ningtian Intercity Line Phase 1, delivery is slated to take place from 2014 to 2015. This contract is expected to contribute positively to the Group's financial performance for the 2014 and 2015 financial years.
The Ningtian Intercity Rail Line (also referred to as Nanjing Metro Line 11) is an approximately 45km long intercity metro line with 17 stations, connecting from Nanjing's Liuhe District to Pukou District, and is slated for completion ahead of the 2014 Youth Olympic Games in Nanjing.
Commenting on NPRT's latest contract win, Mr Patrick Chew, CEO of Midas, said, "NPRT has made a good start to the year, securing two contracts over the past four weeks to boost its project portfolio by over RMB1.0 billion. We are encouraged by these positive developments and remain optimistic of continued opportunities from the PRC rail transportation industry in the years ahead."
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.
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.
