SINGAPORE and HONG KONG, Aug. 10, 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) is pleased to announce that its Aluminium Alloy Division, Jilin Midas Aluminium Industries Co., Ltd ("Jilin Midas") has secured two contracts worth a combined RMB95 million from CSR Zhuzhou Electric Locomotive Co., Ltd.
Jilin Midas marks its breakthrough into Kunming, the provincial capital of Yunnan Province, with the Kunming Metro project. The contract will see Jilin Midas supplying aluminium alloy extrusion profiles for 20 train sets (1 train set = 6 train cars), or 120 train cars, for a value of RMB33 million. Delivery for this project is expected to take place between the second half of 2011 and 2013.
Under the terms of the second contract, Jilin Midas will supply aluminium alloy extrusion profiles for 32 train sets (1 train set = 6 train cars), or 192 train cars, for Guangzhou Metro Lines 1, 2 and 8. The contract is worth RMB62 million, with delivery expected to take place between the second half of 2011 and 2012.
Commenting on the latest contract wins, Mr Patrick Chew, CEO of Midas, said, "We are delighted to have secured two metro projects from CSR Zhuzhou Electric Locomotive Co., Ltd. The latest wins underscore the Group's proven track record and the quality of our products and services."
"The Kunming Metro project also marks the Group's foray into Kunming, one of the largest cities in China without an existing metro system. We remain positive about the market opportunities for metro systems in China as cities turn to metro systems to meet its public transportation needs. Moving forward, we will continue to seek new opportunities to strengthen our market position," Mr Chew added.
The two contracts are expected to contribute positively to the Group's financials between the financial years ending December 31, 2011 to 2013.
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.
