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Midas's JV wins 2 contracts worth 2.96b yuan

BELEAGUERED railway-parts maker Midas Holdings - which is under investigation by Singapore authorities - on Friday said its joint venture company, CRRC Nanjing Puzhen Rail Transport (NPRT), has secured two contracts worth 2.96 billion yuan (S$618 million) in total to sell metro train cars in China.

Midas has a 32.5 per cent stake in NPRT, which makes and sells metro trains, and their related parts.

Midas in February said it uncovered several litigations, enforcement orders and court documents involving companies within the group.

Trading in the shares of Midas remains suspended.

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