SINGAPORE and HONG KONG, July 3, 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 subsidiary, Jilin Midas Aluminium Industries Co., Ltd ("Jilin Midas") has won a RMB44.3 million contract from CNR Changchun Railway Vehicles Co., Ltd ("CNR Changchun") for Changchun Metro Lines 1 and 2.
Under the terms of the contract, Jilin Midas will supply aluminium alloy extrusion profiles for 44 train sets (1 train set = 6 train cars), or 264 train cars, with delivery expected to take place from 2013 to 2015.
This contract is expected to have a positive impact on the Group's financial performance for the 2013 to 2015 financial years.
Commenting on the latest contract win, Mr. Patrick Chew, CEO of Midas, said, "We are delighted to have another opportunity to work with CNR Changchun, a valued repeat customer, which once again augments our market leadership position; and an endorsement of the quality of our products and services."
"The ongoing upgrades of existing metro systems and development of new train lines in the PRC has kept the order momentum healthy, which bodes well for industry players. Moving forward, we will continue to seek new opportunities to strengthen the Group's market position."
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.
