Midas unit wins contract to supply parts to high speed trains

SINGAPORE - Midas Holdings' subsidiary, Jilin Midas Aluminium Industries Co. (Jilin Midas) has won 151.7 million yuan (S$32.1 million) worth of contracts for China's high-speed train sector.

This brings Midas' cumulative value of high-speed train orders to about 615.7 million yuan for the year so far.

Midas Holdings is a mainboard-listed firm which manufactures aluminium alloy extrusion products for the passenger rail transportation sector in China.

Under the contracts, which were awarded by CNR Changchun Railway Vehicle Co., Jilin Midas will supply aluminium alloy train car body components for high-speed trains that will operate at speeds of up to 350 kilometres per hour.

The deals are slated for delivery by this year and the next, and are expected to contribute positively to Midas' financial performance for the financial years ending Dec 31, 2014 and 2015.

Executive director and chief executive Patrick Chew said: "Midas continues to be an active supplier for the high-speed rail and metro train sector.

"Supported by a positive industry outlook, we are excited about opportunities to further grow our business in both the PRC and international markets."