Midas secures four aluminium alloy extrusion supply contracts worth RMB.5 million

Midas Holdings Limited announced today that its subsidiary, Jilin Midas Aluminium Industries Co., Ltd has secured four contracts totalling RMB72.5 million for the supply of aluminum alloy extrusion profiles for metro trains and airport rail trains in the People’s Republic of China and Malaysia respectively.

The first supply contract, worth RMB 31.9 million is for the Lanzhou Metro. The other two supply contracts are for the Nanchang Metro Line 2 and Wuhan Metro Line 2 and are worth RMB20.0 million and RMB 11.0 million respectively.

The last supply contract, worth RMB9.6 million is for the KLIA Ekspres and KLIA Transit trains which connect Kuala Lumpur city centre and the Kuala Lumpur International Airport.

All four contracts are awarded by Changchun Railway Vehicles Co., Ltd and slated for delivery in 2015 and 2016. As such, the abovementioned contracts are expected to contribute positively to Midas’ financial performance for the 2015 and 2016 financial years.

Mr. Patrick Chew, Executive Director and Chief Executive Officer of Midas, said, “The latest set of contracts awarded by long-time customer CRV marks our foray into Lanzhou and continued participation in metro projects in Nanchang and Wuhan. These wins augment our track record and puts Midas in good stead as Chinese cities increase investments in metro systems to meet the growing population’s public transportation needs.”

“While maintainingour position as one of the leading aluminium alloy extruded products manufacturer in the PRC, Midas is also making inroads internationally. In particular, we are growing our regional presence with recent contract wins in Malaysia and Singapore. The cumulative value of our contract wins announced in 2015 now exceeds RMB900.0 million. Supported by positive developments in the railway industry, we look forward to further opportunities to grow our business in the PRC and globally,” Mr. Chew added.