SINGAPORE and HONG KONG, March 12, 2013 /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 won a combined RMB109.6 million worth of contracts to supply aluminium alloy extrusion and fabricated parts to five PRC metro projects.
Mr Patrick Chew, Chief Executive Officer of Midas, said, "We are pleased with the strong inflow of projects, which is a clear recognition of Midas' capabilities and close partnership with major customers. These new orders will serve to maintain our market leadership position in the PRC metro train sector."
Four of the contracts were awarded by the Group's 32.5% owned joint-venture company, Nanjing SR Puzhen Rail Transport Co., Ltd ("NPRT") .
The first contract, worth approximately RMB27.0 million, is for the supply of aluminium alloy extrusion profiles and certain fabricated parts for 23 train sets (1 train set = 6 train cars), or 138 train cars, for the Wuxi Metro Line 2 project.
The second contract, worth approximately RMB22.7 million, is for the supply of aluminium alloy extrusion profiles and certain fabricated parts for 20 train sets (1 train set = 6 train cars), or 120 train cars, for the Dongguan Rapid Railway R2 Line project.
The third contract, worth approximately RMB17.6 million, is for the supply of aluminium alloy extrusion profiles and certain fabricated parts for 15 train sets (1 train set = 6 train cars), or 90 train cars, for the Nanjing-Gaochun Intercity Rail project.
Delivery for the above three projects are expected to take place progressively from 2013 to 2014.
The fourth contract, worth approximately RMB31.7 million, is for the supply of aluminium alloy extrusion profiles and certain fabricated parts for 27 train sets (1 train set = 6 train cars), or 162 train cars, for the Hangzhou Metro Line 2 project. Delivery for this project is expected to take place progressively from 2013 to 2016.
In addition, the Group concurrently secured a RMB10.6 million contract from CNR Changchun Railway Vehicles Co., Ltd, for the supply of aluminium extrusion profiles for 14 train sets (1 train set = 4 train cars), or 56 train cars, for the Wuhan Metro Line project. Delivery for this project is expected to take place during 2013.
"With the PRC Government's commitment and continued efforts to develop and expand China's rail network, we are optimistic of continuing contracts. Our established track record gives us a strong competitive advantage to benefit from this infrastructural development," Mr Chew added.
The contracts are expected to contribute positively to Midas' financial performance from 2013 to 2016.
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.
In 2012, Midas was honoured with the ‘Supplier of the Year Award' by Bombardier Transportation, one of the world's leading manufacturers of innovative aerospace and rail transport solutions. In recognition of its consistent growth and profitability, Midas was 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.