Midas Holdings subsidiary bags €22.7 million aluminum contract

Its first international contract this year.

Midas Holdings Limited (Midas) announced that its subsidiary, Jilin Midas Aluminium Industries Co., Ltd (Jilin Midas) has won a €22.7 million (approximately RMB182.8 million) contract from Ural Locomotives Limited Liability Company (Ural Locomotives), a joint-venture company between Siemens AG and Russia’s Sinara Group.

Mr Patrick Chew, Chief Executive Officer of Midas, said, “This contract from Ural Locomotives is significant as it is our first international contract this year and an affirmation that our diversification strategy and efforts in growing our international markets are bearing results. Our success in securing this export order is a further testimony of the international recognition of Jilin Midas’ technical capabilities and quality output. This positions the Group well to grow its orders from both international and PRC markets.”

Under the terms of the contract, Midas will supply aluminium alloy extrusion profiles for use in the manufacture of 100 electric train sets (1 train set = 5 train cars), or 500 electric train cars for commuter passenger service. Delivery for the contract is slated to take place progressively from 2013 to 2019. This contract is expected to contribute positively to the Group’s financial performance for the financial years ending 2013 to 2019.