Midas's JV company wins four metro contracts worth 2.59b yuan

MIDAS Holdings on Wednesday announced that its joint-venture (JV) company, CRRC Nanjing Puzhen Rail Transport Co, has secured four new contracts worth 2.59 billion yuan (S$533.6 million) to supply metro-train cars.

The first contract, worth about 650 million yuan, was awarded by Nanjing Metro Operation Co for the Nanjing Metro Line 2 Additional Procurement Project. Delivery is slated for between August 2017 and October 2018.

The second and third contracts, which have a combined value of about 570 million yuan, were awarded by Nanjing Metro Infrastructure Co for two sections along the Nanjing-Gaochun Intercity Rail Project. Delivery for these two contracts is expected between August 2017 and June 2018.

The fourth contract, worth approximately 1.37 billion yuan, was jointly awarded by Shanghai Rail Transit Line Ten Development Co and Shanghai Metro First Operation Co for the Shanghai Metro Line 10 Phase 1 Additional Procurement and Phase 2 Project. Delivery for this contract is slated for between January 2018 and March 2019.

Midas said the above four contracts are expected to contribute positively to the group's financial performance for the 2017 to 2019 financial years.