Midas Holdings' associate company wins 1.28 billion yuan metro train contract
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MIDAS Holdings' joint venture company, Nanjing SR Puzhen Rail Transport Co (NPRT), has landed a metro train contract worth about 1.28 billion yuan (S$278.7 million) for the Guiyang Rail Transit Line 1.
NPRT is a Sino-foreign joint venture, involved in the development, manufacture and sale of metro trains, bogies and their related parts. Midas has a 32.5 per cent stake in NPRT.
The project, which was awarded by Guiyang Urban Rail Transit Co, is scheduled for delivery between 2016 and 2017.
This contract is expected to contribute positively to the group's financial performance in FY16 and FY17.
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