Midas clinches three Chinese rail contracts worth $21 million

SINGAPORE - A subsidiary of Midas, Jilin Midas Aluminium Industries Co, has won three contracts worth RMB94.6 million (S$20.74 million) for the supply of aluminium alloy extrusion profiles for metro trains in the People's Republic of China.

The first metro train supply contract worth RMB38.2 million is from CNR Changchun Railway Vehicle Co for Shenzhen Rail Transit Line 9, a release issued on Tuesday stated.

The other two supply contracts are from Nanjing SR Puzhen Transport Co for Hefei Rail Transit Line 1, worth RMB32.7 million; and for Suzhou Rail Transit Line 4, worth RMB23.7 million.

The contracts are slated for delivery this year and the next, and are expected to contribute positively to Midas' financial performance for the two years.

Midas is a manufacturer of aluminium alloy extrusion products for the passenger rail transportation sector in China.