Midas rips two contracts totaling RMB 130 mln

The manufacturing company will be supplying aluminum alloy extrusion profiles for 480 train cars in China.

Midas Holdings Limited on Wednesday announced that its Aluminium Alloy Division, Jilin Midas Aluminium Industries Co., Ltd has secured two contracts worth RMB130 million to supply aluminium alloy extrusion profiles for a total of 480 train cars.

According to the announcement, both contracts were awarded by Midas’ JV company, Nanjing SR Puzhen Rail Transport Co., Ltd (NPRT).

The first contract, worth RMB58 million, will supply 32 train sets (1 train set = 6 train cars), or 192 train cars, for the Pearl River Delta Inter-City Train Project (Dongguan–Shenzhen Section) and Dongguan–Huizhou Inter-City Train Project. It is expected to be delivered from 2010 to 2011.

The second contract, worth RMB72 million, for 48 train sets or 288 train cars, for the Hangzhou Metro Line 1 Project. Contract is to be fulfilled from 2010 to 2012.

Mr Patrick Chew, CEO of Midas, said, “These two contracts are a result of NPRT’s significant project wins last year. As NPRT is one of only four rolling stock companies licensed to tender for national metro train manufacturing projects in the PRC, we have reaped benefits from our partnership with NPRT. Besides direct opportunities to secure contracts, our strategic stake in NPRT has also enabled us to leverage on the rapidly growing metro train sector in the PRC. This will serve to solidify our leading position in the rapidly growing PRC’s passenger rail transportation market.”