Midas Holdings' joint venture wins train deal worth $374 million

SINGAPORE - Midas Holdings said that its joint venture company, Nanjing SR Puzhen Rail Transport Co (NPRT), together with a consortium partner, have won a metro train contract worth 1.73 billion yuan (S$374 million).

The contract is awarded by Shanghai Rail Transit Line 13 Development Co for the Shanghai Metro Line 13 Phases 2 and 3, with delivery scheduled between 2016 and 2017.

Midas chief executive officer Patrick Chew said: "The continuing development and expansion of China's passenger rail network brings about demand for metro train cars, and we believe NPRT is well positioned to ride on the positive industry trend."

The contract is expected to contribute positively to the group's financial performance for 2016 and 2017.

Midas has a 32.5 per cent stake in NPRT, a Sino-foreign joint venture, engaged in the development, manufacture and sale of metro trains, bogies and their related parts.