SINGAPORE and HONG KONG, Oct. 17, 2013 /PRNewswire/ -- Midas Holdings Limited ("Midas" or the "Company," together with its subsidiaries, the "Group," SGX-ST stock code: 5EN; SEHK stock code: 1021) is pleased to announce that its subsidiary, Jilin Midas Aluminium Industries Co., Ltd ("Jilin Midas") has secured EUR17.7 million worth of international contracts for two major train projects in Europe and RMB75.9 million worth of metro orders for the PRC market.
The two international contracts, worth an aggregate sum of EUR17.7 million, will see Midas supply aluminium alloy extrusion profiles and certain fabricated parts for two major train projects in Europe with delivery expected to take place between 2013 and 2017.
Mr Patrick Chew, Executive Director and Chief Executive Officer of Midas, said, "We are pleased that our major customers continue to recognise and place their trust in Midas' ability to deliver. The two international contracts are yet another affirmation of our strong working relationship with global customers and quality of our superior products and services. With this, our year-to-date orders from the international market now stand at over EUR50 million equivalent."
The PRC contracts were awarded by the Group's 32.5% owned joint-venture company, Nanjing SR Puzhen Rail Transport Co., Ltd ("NPRT").
The first contract, worth RMB10.8 million, is for the supply of aluminium alloy extrusion profiles for 56 train cars to the Shenzhen Metro Line 4 project. Delivery for this contract is expected to take place progressively from 2013 to 2014.
The second contract, worth RMB19.6 million, is for the supply of aluminium alloy extrusion profiles and certain fabricated parts for 26 train sets (1 train set = 4 train cars), or 104 train cars, for the Ningtian Intercity Line 1 project.
The third contract, worth RMB35.0 million, is for the supply of aluminium alloy extrusion profiles and certain fabricated parts for 29 train sets (1 train set = 6 train cars), or 174 train cars, for the Nanjing Metro Line 4 project.
Delivery for Ningtian Intercity Line 1 and Nanjing Metro Line 4 projects are expected to take place progressively from 2013 to 2015.
NPRT has also placed an additional RMB10.5 million worth of aluminium alloy extrusion profiles orders, for the Wuxi Metro Line 2, Dongguan Rapid Railway R2 Line, Hangzhou Metro Line 2 and Nanjing-Gaochun Intercity Rail projects. The delivery for these additional orders is expected to take place progressively from 2013 to 2016.
Commenting on the PRC contract wins, Mr Chew said, "We are excited that the Group's order book has received yet another healthy boost from the PRC metro industry. This underpins the railway industry's growth story, and is reflective of our continuing leadership position in the PRC. Moving forward, we are optimistic of new opportunities for market players, both in the PRC and international markets."
These international and PRC contracts are expected to contribute positively to Midas' financial performance from 2013 to 2017.
