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Midas court hearing date for winding-up application fixed for May 24

MIDAS Holdings' court hearing date for a winding-up application has been scheduled for May 24.

The company does not intend to contest the application.

The troubled aluminium train components supplier said on Apr 26 that executive director Xu Wei Dong filed an application to wind up the company after issuing a statutory demand for unpaid salaries due to him. According to the application, FTI Consulting (Singapore) will be appointed joint and several liquidators.

Midas' net liabilities stood at S$81.2 million for the first quarter ended March 31. Borrowings stood at S$84 million, mainly the amount due to the US$60 million notes issued under the medium-term note programme. Current cash and cash equivalents stand at S$122,000.

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Midas is also owed a S$2.79 million dividend receivable from CRRC Nanjing Puzhen Rail Transport Co, Ltd (NPRT). Its 32.5 per cent stake in NPRT is currently frozen and subject to a claim by CRRC at the Hong Kong International Arbitration Centre. Midas is still contesting the claim.