Midas secures three contracts worth S$21m

Midas Holdings' subsidiary, Jilin Midas Aluminium Industries, has secured three contracts worth 94.6 million yuan (S$20.7 million) to supply aluminium alloy extrusion profiles for metro trains in China.

The first metro train supply contract worth 38.2 million yuan is from CNR Changchun Railway Vehicle Co Ltd for Shenzhen Rail Transit Line 9.

The other supply contracts were awarded by the group's associated company, Nanjing SR Puzhen Rail Transport Co, for Hefei Rail Transit Line 1 and Suzhou Rail Transit Line 4 which are worth 32.7 million yuan and 23.7 million yuan, respectively.

Slated for delivery in 2015 and 2016, the contracts are expected to contribute positively to Midas' financial performance for the corresponding financial years, said the firm in a statement.

The counter fell two Singapore cents or nearly 7 per cent to end at 27 Singapore cents on Tuesday.