SINGAPORE and HONG KONG, June 14, 2012 /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 subsidiary, Jilin Midas Aluminium Industries Co., Ltd ("Jilin Midas") has entered into a new master agreement with Siemens Aktiengesellschaft, Berlin und Munchen, Sector lnfrastructure & Cities, Division Rail Systems ("Siemens").
Under the terms of the renewed agreement, Siemens will continue to engage Jilin Midas as a preferred supplier of aluminum profiles, with the purpose of achieving standardisation and cross-project bundling in the procurement of aluminum extrusion products for railway car bodies, welding, machining and other mechanical treatment of such profiles.
The master agreement also sets out the contractual framework of future contracts to be signed by the two parties, hence, shortening the individual contract negotiation process for all future deals between Jilin Midas and Siemens.
The master agreement is applicable to all contracts to be entered into in future between Jilin Midas and Siemens. Any other Siemen's Group and Divisions, or any national and international subsidiary companies shall be entitled to conclude individual contracts under the terms of the master agreement.
Mr Patrick Chew, CEO of Midas, said, "We are pleased that the quality of our work delivered to Siemens over the years has contributed to the extension of our preferred supplier status with Siemens. Particularly, given the high quality standards and Siemens' status as one of the world's leading train manufacturers, renewing our preferred supplier status, with the extension into the provision of welding, machining and mechanical treatment services, further validates the Group's capabilities and product quality."
"The latest development will also support our strategy to expand our international presence. Supported by our strong track record, quality products and close relationships forged with both domestic and international train manufacturers, we believe that Midas is well-positioned to capture growth opportunities both in the PRC and the region," Mr Chew added.
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.
