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MIDAS CLINCHES FOUR CONTRACTS WORTH RMB86 MILLION
Registration No: 200009758W
NEWS RELEASE
MIDAS CLINCHES FOUR CONTRACTS WORTH RMB86 MILLION
- Beachhead into the Middle East with two new contracts worth RMB54 million to supply 344 train cars for Saudi Arabia and Iran metro systems
- Secured another two contracts worth RMB32 million to supply 160 train cars for the Guangzhou Line 3 Airport Line project and the Changchun Light Rail project
Singapore, July 6, 2009 – Mainboard-listed Midas Holdings Limited (“Midas”) (麦达斯控股有限公司) is pleased to announce today that its Aluminium Alloy Division, Jilin Midas Aluminium Industries Co., Ltd (“Jilin Midas”) (吉林麦达斯铝业有限公司), has secured four new contracts worth an aggregate sum of RMB86 million to supply aluminium alloy extrusion profiles for a total of 504 train cars for four projects.
Out of the four contracts, three were awarded by CNR Changchun Railway Vehicles Co., Ltd (“Changchun Railway”) (中国北车长春轨道客车股份有限公司), including the Group’s maiden Middle East contracts worth a total of RMB54 million.
The first contract, valued at RMB27 million, is for the supply of aluminium alloy extrusion profiles for 17 train sets (1 train set = 12 train cars), or an equivalent of 204 train cars, for the Saudi Arabia Metro project. This contract will be fulfilled between the second half of 2009 and the first half of 2011.
The second contract worth RMB27 million is for the supply of aluminium alloy extrusion profiles for 20 train sets (1 train set = 7 train cars), or an equivalent of 140 train cars, for the Iran Metro project. This contract will be fulfilled between the second half of 2009 and 2011.
The third contract awarded by Changchun Railway, worth RMB6 million is for the supply of aluminium alloy extrusion profiles for 40 train cars for the Changchun Light Rail project, to be fulfilled between the second half of 2009 and 2010.
The fourth contract, awarded by CSR Zhuzhou Electric Locomotive Co., Ltd (中国南车集团株洲电力机车有限公司) is for the supply of aluminium alloy extrusion profiles for 20 train sets (1 train set = 6 train cars), or an equivalent of 120 train cars, for the Guangzhou Line 3 Airport Line project. The contract is valued at RMB26 million and to be fulfilled between the second half of 2009 and 2010.
As the above four contracts will be fulfilled over various periods between second half of 2009 and 2011, they will have a positive impact on the Group’s financials over these periods.
Said Mr. Patrick Chew (周华光), CEO of Midas: “We are delighted to have secured our first Middle East contracts from Changchun Railway. This is yet another testament to our strong working relationships and our quality services and products.
Having made our beachhead into the Middle East region, we will continue to build on our strong track record to capitalise on the burgeoning opportunities opening up in the PRC and overseas markets.”
About Midas Holdings Limited
Founded in 2000, Midas is today a leading manufacturer of aluminium alloy extrusion products, primarily for the rail transportation sector in the PRC. The Group operates three business divisions; namely, Aluminium Alloy, PE Pipe and Agency and Procurement, which are strategically located in the PRC to capitalise on the opportunities arising from the rapid development of the PRC’s rail transport and infrastructure sectors.
Midas is a PRC certified supplier to the world’s largest train manufacturers, ALSTOM SA, Siemens and Changchun Bombardier. It is also a preferred supplier for Alstom Transport’s projects globally, under Alstom’s “Leading Partners 150” programme. Midas’ customers include ALSTOM Transport SA, Siemens International Trading Ltd, Bombardier Transportation, Changchun Railway Vehicles Co., Ltd, CNR Tangshan Locomotive and Rolling Stock Works, Nanjing SR Puzhen Rail Transport Co., Ltd and CSR Zhuzhou Electric Locomotive Co., Ltd.
Since 2003, Midas has been involved in many high profile rail transport projects in the PRC. In addition, since 2004, it has also successfully exported its products to the international market including Europe, Korea and Singapore.
Besides its core business, Midas has a 32.5% equity stake in a Sino-foreign joint venture, Nanjing SR Puzhen Rail Transport Co., Ltd, to engage in the development, manufacturing and sale of metro trains, bogies and their related parts.
In September 2007, Midas’ Aluminium Alloy Division was named “2007 China’s Top Brand” by the General Administration of Quality Supervision, Inspection and Quarantine of the People’s Republic of China (“AQSIQ”) (国家质量监督检验检疫总局).
Midas was also named a Forbes Asia’s Best Under A Billion Company consecutively for three years from 2006 to 2008.
ISSUED ON BEHALF OF : Midas Holdings Limited
BY : Citigate Dewe Rogerson, i.MAGE Pte Ltd
1 Raffles Place
#26-02 OUB Centre
SINGAPORE 048616
CONTACT : Ms Chia Hui Kheng
at telephone
DURING OFFICE HOURS : 6534-5122 (Office)
AFTER OFFICE HOURS : 9781-5913 (Handphone)
EMAIL : [email protected]
082/09/007/MHL
July 6, 2009