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Midas wins four contracts worth S$16 million

A subsidiary of Midas Holdings has won four contracts worth 72.5 million yuan (S$16.1 million) to supply aluminium alloy extrusion for metro trains in China, and airport rail trains in Malaysia.

They comprise a 31.8 million yuan contract for the Lanzhou Metro, a 20 million yuan contract for the Nanchang Metro Line 2, a 11 million yuan contract for the Wuhan Metro Line 2, and a 9.6 million yuan contract for the KLIA Ekspres and KLIA Transit trains which connect the city centre of Kuala Lumpur with its airport.

All four contracts are awarded by Changchun Railway Vehicles Co and are slated for delivery in this year and next. They are therefore expected to contribute positively to its performance for the 2015 and 2016 financial years, the firm said.

"The latest set of contracts awarded by long-time customer CRV marks our foray into Lanzhou and continued participation in metro projects in Nanchang and Wuhan," said Midas CEO Patrick Chew. "These wins augment our track record and puts Midas in good stead as Chinese cities increase investments in metro systems to meet the growing population's public transportation needs."