SINGAPORE and HONG KONG, July 28, 2011 /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 Nanjing Metro Co., Ltd. has awarded two contracts worth a total of RMB3.13 billion to its joint venture company, Nanjing SR Puzhen Rail Transport Co., Ltd. ("NPRT") to supply metro train sets for both the Nanjing Metro Line 3 and Nanjing Metro Line 10 Projects.
The first contract, valued at RMB2.15 billion, is for the supply of 46 train sets (1 train set = 6 train cars), or an equivalent to 276 train cars, for the Nanjing Metro Line 3 Project. Delivery of the train cars is expected to take place from 2013 to 2015.
The second contract, valued at RMB0.98 billion, is for the supply of 21 train sets (1 train set = 6 train cars), or an equivalent to 126 train cars, for the Nanjing Metro Line 10 Project. Delivery of the train cars is expected to take place from 2013 to 2014.
As such, these two contracts are therefore expected to have a positive impact on the Group's financial results for the financial years ending 2013 to 2015.
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. NPRT is one of the only four rolling stock companies approved to undertake metro train projects on a nationwide basis in the PRC.
Mr Patrick Chew, CEO of Midas, said, "NPRT's latest project win is testament to its capabilities and strengthening project portfolio. Given the trend towards urbanization, metro systems are an effective mode of public transport for cities with large and growing populations. As many cities in the PRC continue to build new metro lines or upgrade their metro train infrastructure, NPRT is well positioned and poised to ride on this trend. We are optimistic that the growth and development of NPRT will contribute further to Midas' growth and our market position in the years ahead."
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.
