Midas subsidiary wins China high-speed, metro train contracts totalling 53.8m yuan

MIDAS Holdings' subsidiary, Jilin Midas Aluminium Industries Co, has landed two supply contracts worth 53.8 million yuan (S$10.9 million) from customers in China, it said in a release to the Singapore Exchange on Wednesday.

The first contract, from CRRC Tangshan Co, is worth 34.6 million yuan and involves the supply of aluminium alloy extrusion profiles and fabricated parts for the CRH380B high-speed trains. This contract is slated for delivery in 2016.

The second contract, awarded by CRRC Changchun Railway Vehicles Co, is worth 19.2 million yuan and involves the supply of aluminium alloy extrusion profiles to the Haerbin Metro Line 1. This contract is slated for delivery between 2016 and 2017.

Patrick Chew, chief executive officer of Midas, said: "Moving forward, we will continue to take advantage of the positive industry outlook to push forward with business development efforts and seize market opportunities both in China and regionally."