Midas Holdings unit clinches contracts worth 151.7m yuan

Singapore

MAINBOARD-listed Midas Holdings' subsidiary Jilin Midas Aluminium Industries has secured contracts worth 151.7 million yuan (S$32 million) for the supply of high-speed train car body components.

The new contracts will see Jilin Midas supply aluminium alloy extrusion profiles and certain fabricated parts for high-speed trains. Slated for delivery in 2014 and 2015, these contracts are expected to contribute positively to Midas's financial performance for the financial years ending Dec 31, 2014 and 2015. The contracts were awarded by CNR Changchun Railway Vehicle Co Ltd.

"We are delighted to have secured another set of contracts for the PRC high-speed train sector this year, which brings the cumulative value of high-speed train orders announced this year to approximately 615.7 million yuan," said Patrick Chew, executive director and chief executive officer of Midas.

"Midas continues to be an active supplier for the high-speed rail and metro train sector. Supported by a positive industry outlook, we are excited about opportunities to further grow our business in both the PRC and international markets."

Midas's counter ended trading on Monday down 2.5 cents at 29.5 Singapore cents.