Hong Kong and Singapore - Midas Holdings Limited ("Midas" or the "Company", together with its subsidiaries, the "Group"; SGXST stock code: 5EN; SEHK stock code: 1021) today announced that its subsidiary, Jilin Midas Aluminium Industries Co., Ltd ("Jilin Midas") has secured contracts totalling RMB247.7 million for the supply of train car body components for highspeed trains and metro trains.
The high-speed train contracts awarded, worth RMB217.3 million, are for the supply of aluminium alloy extrusion profiles and fabricated parts for two types of high-speed trains that will operate at speeds of up to 250km/h and 350km/h. Jilin Midas will also supply aluminium alloy extrusion profiles worth RMB30.4 million for the Shanghai Metro Line 17.
These contracts are awarded by CRRC Changchun Railway Vehicles Co., Ltd ("CRV") and are slated for delivery in 2016. The abovementioned contracts are expected to contribute positively to Midas' financial performance for the financial year ending December 31, 2016.
Mr. Patrick Chew, Executive Director and Chief Executive Officer of Midas, said, "We have been entrusted by CRV to deliver quality products that will be used in the manufacture of high-speed and metro train cars. Our success in maintaining close business relationships with top train manufacturers is the result of our comprehensive industry knowledge and strong track record. The latest set of contracts also reinforces our presence in China. Looking ahead, we will continue to build on relationships with our customers to boost our order book."
"We anticipate increased opportunities in the industry as the PRC government supports infrastructure development to improve trade relations with countries in Asia and Europe as part of its "One Belt, One Road" program and accelerates its participation in international rail projects. We are ready to take on new opportunities in both the PRC and international markets," added Mr. Chew.
About Midas Holdings Limited
Founded in 2000, Midas is the leading manufacturer of aluminium alloy extrusion products for the passenger rail transportation sector in the People's Republic of China (the "PRC") today. Over the years, Midas has built an established track record as a supplier of quality products to the PRC passenger rail transportation sector. It has participated in landmark contracts such as the Beijing-Tianjin High-Speed Train Project, and the CRH3-380 inter-city high-speed trains project. Midas' customers include major PRC train manufacturer CRRC Corporation Limited, and the three global train manufacturers - Alstom Transport, Siemens AG and Bombardier Transportation.
Midas has a strategic 32.5% stake investment in CRRC Nanjing Puzhen Rail Transport Co., Ltd. ("NPRT"), an associate company engaged in the development, manufacturing and sale of metro trains, bogies and their related parts.
In 2014, Midas won the 'Our Stars For Rail Systems 2014' award which was presented by Siemens' Rail Systems Division to its top global suppliers. Separately, Midas was also honoured with the 'Supplier of the Year Award' in 2012 by Bombardier Transportation.
The Company was also awarded the "Best Investor Relations Award (Gold)" at the Singapore Corporate Awards ("SCA") 2010 in the "S$300 million to less than S$1 billion market capitalisation" category. SCA also conferred the "Best CEO Award" and "Best CFO Award" to Midas' Chief Executive Officer, Mr. Patrick Chew, and Chief Financial Officer, Mr. Chan Chee Kin, in 2014 and 2015 respectively.
Midas has also won the "Most Transparent Company Award" (Chemical & Resources Category) at the Singapore Investors Association (Singapore) ("SIAS") Investors' Choice Awards for four consecutive years in 2012 to 2015.
As testament to its strong brand name and reputation in the PRC, Midas was conferred the prestigious "China Well-Known Trademark" by the Trademark Office of the State Administration for Industry & Commerce of the PRC ("SAIC") in 2011.
Midas has a primary listing on the Mainboard of the Singapore Exchange Securities Trading Limited and a secondary listing on the Main Board of the Stock Exchange of Hong Kong Limited. www.midas.com.sg
ISSUED ON BEHALF OF: Midas Holdings Limited
BY: Citigate Dewe Rogerson, i.MAGE Pte Ltd
55 Market Street