Midas' joint venture firm wins 2 contracts worth 1.77b yuan

MIDAS Holdings, which supplies railway parts in China, on Tuesday said its joint venture company has secured two metro train car supply contracts worth a total of 1.77 billion yuan (S$369 million).

The first contract, worth about 1.05 billion yuan, was awarded by Changzhou Rail Transit Development Co Ltd for phase one of the Changzhou Rail Transit Line One project. Delivery is slated between January 2018 and November 2019.

The second contract, with a value of approximately 720 million yuan, was awarded by Xuzhou Rail Transit Line One Investment and Development Co Ltd for phase one of the Xuzhou Urban Rail Transit Line One project. Delivery for this contract is scheduled between May 2018 and August 2019.

Midas has a 32.5 per cent equity stake in the joint-venture firm, CRRC Nanjing Puzhen Rail Transport Co Ltd.