SINGAPORE and HONG KONG, Sept. 5, 2012 /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 strengthened its foothold in China's power industry, having secured two new contracts worth a combined RMB123.4 million, for the supply of aluminium alloy tubings.
Awarded by leading power industry players, Xi'an XD Switchgear Electric Co., Ltd. ("Xi'an Switchgear Electric"), and Xi'an XD High Voltage Apparatus Co. Ltd., the two contracts are valued at RMB100.3 million and RMB23.1 million respectively.
Mr Patrick Chew, CEO of Midas, said, "Midas has made good progress this year. The latest contracts not only attestto customers' confidence in our quality products, but also demonstrate our versatility in product diversification and growing our core aluminium alloy business beyond its traditional stronghold in the PRC railway sector."
Delivery for the abovementioned orders are expected to take place between 2012 and 2013. The contracts are expected to contribute positively to the Group's financial performance for the year ended December 31, 2012 and 2013.
In addition, the Group is also pleased to add that Jilin Midas has signed a Strategic Cooperation Agreement with Xi'an Switchgear Electric. The tenure of the agreement is for a one-year period, with an option to renew for another year upon expiry. Under the terms of the agreement, Jilin Midas will continue to enjoy preferred supplier status as long as Jilin Midas upholds its widely recognised high standard of manufacturing and its quality products are priced competitively.
In addition, the agreement will also facilitate the exchange of information relating to aluminium alloy specification requirements in the PRC power industry, as well as Jilin Midas' manufacturing capabilities and technologies.
"We are pleased that a leading player like Xi'an Switchgear Electric has placed its trust and confidence in Midas through the signing of a Strategic Cooperation Agreement. Moving forward, we will continue to forge close working relationships with customers and capitalise on viable market opportunities to drive our future development," 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.
