Midas CEO comfortable with acquisition target's profit goal

Singapore

TRAIN car body maker Midas Holdings' CEO Patrick Chew is "comfortable" with the profit target of 80 million yuan (S$16.8 million) for Dalian Huicheng, the start-up aluminium product manufacturer he is proposing to acquire for up to 1.2 billion yuan.

Mr Chew was speaking ahead of an extraordinary general meeting on April 29. Midas shareholders will vote on acquiring Huicheng through a massive issue of new Midas shares to the sellers, which include Midas executive chairman Chen Wei Ping.

"Businesses do forecasts. We also look at contracts, order books, this and that. Through all these we think it's possible," Mr Chew told The Business Times last wee…