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Midas unit clinches 2.68b yuan of contracts to supply metro train cars

A 32.5 per cent joint venture of Midas Holdings has clinched 2.68 billion Chinese yuan (S$547.9 million) of metro train car supply contracts in China.

The contracts were awarded to CRRC Nanjing Puzhen Rail Transport Co, a maker of trains, bogies and related parts.

Midas, a maker of aluminium alloy extrusion products trains in China, said that the contracts will be delivered between 2018 and 2020.

The first contract is worth 1.15 billion yuan, and was awarded by MTR Technology Consultation (Shenzhen) Co for the third phase of the Shenzhen Line 4 project. Delivery is set between February 2019 and September 2020.

The second contract, for the first phase of the Hangzhou Metro Line 6 project, is worth 1.09 billion yuan. The third contract, worth 0.44 billion yuan, is for the Hangzhou-Fuyang Inter-city Metro Project. The second and third contracts were jointly awarded by Hangzou Metro Group Co and Hangzhou Hangfu Rail Transit Co. Both contracts are due between September 2018 and August 2019.

"With China's continued expansion of its domestic rail network to cater to cities with growing urbanisation and rising populations, we are confident that Nanjing Puzhen Rail Transport will continue to leverage its established track record and strengthen its market position in China's rail industry," Midas chief executive Patrick Chew said in a statement.

Midas also highlighted that China Railway Corp, China's national railway operator, is targeting 732 billion yuan of fixed asset investment on railways in 2018.