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Midas ordered to pay US$7.3m to CRRC

MIDAS Holdings has received a letter dated Aug 17 from CRRC (Hong Kong) Co and a copy of a final judgement filed on Aug 9 by Hong Kong's high court, the company said in a Singapore Exchange filing on Friday evening.

According to the judgement, Midas is to pay a sum of approximately US$7.3 million to CRRC.

Midas said: "The board will issue further announcements as appropriate, as and when there are any material developments in the matter."

Trading in Midas shares has been suspended since Feb 9 after several litigations, enforcement orders and court documents involving various subsidiaries and associate companies based in China were uncovered.

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