SINGAPORE and HONG KONG, Aug. 14, 201 /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 its joint venture company, Nanjing SR Puzhen Rail Transport Co., Ltd. ("NPRT") has won two PRC metro contracts worth a combined RMB1.4 billion.
The first contract is awarded by Wuxi Rail Transport Development Co., Ltd, for the supply of 23 train sets (1 train set = 6 train cars), or 138 train cars, for the Wuxi Metro Line 2 Project. Delivery for this contract is slated to take place from 2013 to 2014 and is expected to contribute positively to the Group's financial performance for the financial years ending 2013 to 2014.
The second contract is awarded by Hangzhou Metro Group Co., Ltd , for the supply of 27 train sets (1 train set = 6 train cars), or 162 train cars, for the Hangzhou Metro Line 2 Project. Delivery for this contract is slated to take place from 2013 to 2016 and is expected to contribute positively to the Group's financial performance for the financial years ending 2013 to 2016.
Commenting on the Group's latest contract wins, Mr Patrick Chew, CEO of Midas, said, "We are delighted that NPRT has once again secured new metro orders in the PRC, following two earlier contract wins this year worth a combined RMB1.4 billion for metro lines in Suzhou and Dongguan. With this new development, NPRT's year-to-date contract wins increase to four contracts for 535 train cars, with an aggregate value of approximately RMB2.8 billion. These positive developments reaffirm the promising growth prospects of the metro sector in China."
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.
