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Midas wins five metro contracts worth RMB109.6 million
Edited by : AL CIRCLE
2 min read
Midas Holdings Limited announces that its subsidiary, Jilin Midas Aluminium Industries Co., Ltd has won a combined RMB109.6 million worth of contracts to supply aluminium alloy extrusion and fabricated parts to five PRC metro projects.
Mr Patrick Chew, Chief Executive Officer of Midas, said, "We are pleased with the strong inflow of projects, which is a clear recognition of Midas' capabilities and close partnership with major customers. These new orders will serve to maintain our market leadership position in the PRC metro train sector."
Four of the contracts were awarded by the Group's 32.5% owned joint-venture company, Nanjing SR Puzhen Rail Transport Co., Ltd
The first contract, worth approximately RMB27.0 million, is for the supply of aluminium alloy extrusion profiles and certain fabricated parts for 23 train sets (1 train set = 6 train cars), or 138 train cars, for the Wuxi Metro Line 2 project.
The second contract, worth approximately RMB22.7 million, is for the supply of aluminium alloy extrusion profiles and certain fabricated parts for 20 train sets (1 train set = 6 train cars), or 120 train cars, for the Dongguan Rapid Railway R2 Line project.
The third contract, worth approximately RMB17.6 million, is for the supply of aluminium alloy extrusion profiles and certain fabricated parts for 15 train sets (1 train set = 6 train cars), or 90 train cars, for the Nanjing-Gaochun Intercity Rail project.
The fourth contract, worth approximately RMB31.7 million, is for the supply of aluminium alloy extrusion profiles and certain fabricated parts for 27 train sets, or 162 train cars, for the Hangzhou Metro Line 2 project. Delivery for this project is expected to take place progressively from 2013 to 2016.
In addition, the Group concurrently secured a RMB10.6 million contract from CNR Changchun Railway Vehicles Co., Ltd, for the supply of aluminium extrusion profiles for 14 train sets , or 56 train cars, for the Wuhan Metro Line project. Delivery for this project is expected to take place during 2013.
"With the PRC Government's commitment and continued efforts to develop and expand China's rail network, we are optimistic of continuing contracts. Our established track record gives us a strong competitive advantage to benefit from this infrastructural development," Mr Chew added.
The contracts are expected to contribute positively to Midas' financial performance from 2013 to 2016.
Mr Patrick Chew, Chief Executive Officer of Midas, said, "We are pleased with the strong inflow of projects, which is a clear recognition of Midas' capabilities and close partnership with major customers. These new orders will serve to maintain our market leadership position in the PRC metro train sector."
Four of the contracts were awarded by the Group's 32.5% owned joint-venture company, Nanjing SR Puzhen Rail Transport Co., Ltd
The first contract, worth approximately RMB27.0 million, is for the supply of aluminium alloy extrusion profiles and certain fabricated parts for 23 train sets (1 train set = 6 train cars), or 138 train cars, for the Wuxi Metro Line 2 project.
The second contract, worth approximately RMB22.7 million, is for the supply of aluminium alloy extrusion profiles and certain fabricated parts for 20 train sets (1 train set = 6 train cars), or 120 train cars, for the Dongguan Rapid Railway R2 Line project.
The third contract, worth approximately RMB17.6 million, is for the supply of aluminium alloy extrusion profiles and certain fabricated parts for 15 train sets (1 train set = 6 train cars), or 90 train cars, for the Nanjing-Gaochun Intercity Rail project.
The fourth contract, worth approximately RMB31.7 million, is for the supply of aluminium alloy extrusion profiles and certain fabricated parts for 27 train sets, or 162 train cars, for the Hangzhou Metro Line 2 project. Delivery for this project is expected to take place progressively from 2013 to 2016.
In addition, the Group concurrently secured a RMB10.6 million contract from CNR Changchun Railway Vehicles Co., Ltd, for the supply of aluminium extrusion profiles for 14 train sets , or 56 train cars, for the Wuhan Metro Line project. Delivery for this project is expected to take place during 2013.
"With the PRC Government's commitment and continued efforts to develop and expand China's rail network, we are optimistic of continuing contracts. Our established track record gives us a strong competitive advantage to benefit from this infrastructural development," Mr Chew added.
The contracts are expected to contribute positively to Midas' financial performance from 2013 to 2016.
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