Midas Holdings wins 1.28 billion yuan metro train contract

SINGAPORE - Midas Holdings' joint venture company Nanjing SR Puzhen Rail Transport Co (NPRT) has won a 1.28 billion yuan (S$278.7 million) metro train contract for the Guiyang Rail Transit Line 1.

It said in a press release on Monday that the contract awarded by Guiyang Urban Rail Transit Co, is scheduled for delivery by the end of next year (between 2016 and 2017).

Midas, a leading manufacturer of aluminium alloy extrusion products for the passenger rail transportation sector in the People's Republic of China, has a 32.5 per cent stake in NPRT.

NPRT is a Sino-foreign joint venture, involved in the development, manufacture and sale of metro trains, bogies and their related parts.

Midas executive director and chief executive Patrick Chew said: "NPRT has made a strong start to the year with a RMB1.28 billion order boost and marks its successful breakthrough into a new PRC city. This new contract reflects the continued expansion of China's domestic rail network, which we believe will continue to translate into significant growth opportunities for market players. This contract is expected to contribute positively to the Group's financial performance for the 2016 and 2017 financial years."