Midas wins 4 contracts to supply parts for trains including those plying KL airport

SINGAPORE - Midas Holdings said its subsidiary, Jilin Midas Aluminium Industries Co, has secured four contracts totalling 72.5 million yuan for the supply of aluminum alloy extrusion profiles for metro trains and airport rail trains in China and Malaysia.

The first supply contract, worth 31.9 million yuan, is for the Lanzhou Metro.

The other two supply contracts are for the Nanchang Metro Line 2 and Wuhan Metro Line 2 and are worth 20 million yuan and 11 million yuan, respectively.

The last supply contract, worth 9.6 million yuan, is for the KLIA Ekspres and KLIA Transit trains which connect Kuala Lumpur city centre and the Kuala Lumpur International Airport.

All four contracts are awarded by Changchun Railway Vehicles Co, and slated for delivery in 2015 and 2016.

As such, they are expected to contribute positively to Midas's financial performance for 2015 and 2016.

Mr Patrick Chew, executive director and chief executive officer of Midas, said the group is making inroads internationally while maintaining its position as one of the leading aluminium alloy extruded products manufacturer in China.

"In particular, we are growing our regional presence with recent contract wins in Malaysia and Singapore. The cumulative value of our contract wins announced in 2015 now exceeds 900 million yuan."