Midas wins contracts to supply fabricated parts for high speed rail in China

SINGAPORE - Midas Holdings said its subsidiary, Jilin Midas Aluminium Industries Co, had secured contracts worth 328.9 million yuan (S$70.1 million) for the supply of high-speed train car body components in China.

The latest contracts include 185.4 million yuan worth of orders from CNR Changchun Railway Vehicle Co and and 143.5 million yuan worth of orders from CNR Tangshan Railway Vehicle Co.

Under the deals, Jilin Midas supply aluminium alloy extrusion profiles and certain fabricated parts for high-speed trains that will operate at speeds of up to 350km/h and 380km/h, respectively.

"As a quality supplier with a long-standing track record and relationship with our customers, we are heartened that our efforts have been rewarded with the continuing confidence of repeat customers CNR Changchun and CNR Tangshan," said Midas chief executive Patrick Chew.

Slated for delivery in 2015, the contracts are expected to contribute positively to Midas' financial performance this financial year.