Midas joint venture firm secures RMB338m tram contract

It will supply 18 modern 100% low-floor trams.

In a release, Midas Holdings Limited (Midas) announced that its joint venture company, Nanjing SR Puzhen Rail Transport Co., Ltd. (NPRT), has won its first 100% low-floor tram project valued at approximately RMB338 million.

The contract is awarded by Suzhou New District Tramway Co., Ltd, for the supply of 18 100% low-floor trams for the Suzhou National New & Hitech Industrial Development Zone Tramline 1, a light rail line that is currently under construction. Delivery of the trams is slated to take place in 2014 and is expected to
contribute positively to the Group’s financial performance for the financial year ending 2014.

Commenting on NPRT’s latest contract win, Mr Patrick Chew, CEO of Midas, said, “Modern low-floor trams offer a suitable solution to the transportation
needs of small- and medium-sized PRC cities and can also serve as a feeder service connecting to major metro lines. We are enthused by the potential of this new segment, which underscores the considerable opportunities that the PRC transportation sector presents.”

Midas has a 32.5% equity stake in NPRT, a Sino-foreign joint venture, engaged in the development, manufacture and sale of metro trains, bogies and their related parts.

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