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Midas associate NPRT secures 2.1b yuan worth of metro, tram contracts in China

MAINBOARD-LISTED Midas Holdings on Monday said that its joint venture (JV) company Nanjing SR Puzhen Rail Transport (NPRT) has secured 2.1 billion yuan (S$455.7 million) worth of metro and tram contracts in China.

The first is a metro train supply contract - worth about 971 million yuan - awarded by Hefei Urban Rail Transit for the Hefei Rail Transit Line 2.

The second contract - worth about 808 million yuan - is awarded by Shanghai Rail Transit Line 8 Phase 3 Development to NPRT and its consortium partners for the Shanghai Metro Line 8 Phase 3.

The third - worth about 326 million yuan - is awarded by Suzhou New District Tramway for the Suzhou National New & Hi-tech Industrial Development Zone Tramline 2.

Delivery of the metro trains and trams is scheduled between 2016 and 2017 and the above-mentioned contracts are expected to contribute positively to the group's financial performance for FY2016 and FY2017, said Midas.

Midas has a strategic 32.5 per cent stake in NPRT, an associate company engaged in the development, manufacturing and sale of metro trains, bogies and their related parts.