Midas JV unit wins two contracts worth RMB1.11b

Supplying train cars to Suzhou, Nanjing lines.

Midas Holdings Limited (Midas) announced that its joint venture company, Nanjing SR Puzhen Rail Transport Co., Ltd. (NPRT) has secured two contracts worth a total of RMB1.11 billion.

The first contract was awarded by Suzhou Rail Transit Co., Ltd. for the supply of 17 train sets (1 train set = 5 train cars), or 85 train cars,for the Suzhou Rail Transit Line 2 Extension, while the second contract was awarded by Nanjing Metro Co., Ltd. for the supply of 13 additional train sets (1 train set = 6 train cars), or 78 additional train cars, to Nanjing Metro Line 1.

Slated for delivery between 2015 and 2016, both contracts are expected to contribute positively to the Group’s financial performance in 2015 and 2016.

Commenting on NPRT’s latest contract wins, Mr Patrick Chew, Chief Executive Officer of Midas, said, “We are delighted that NPRT has ushered in a strong start to 2014 with contracts worth RMB1.11 billion, underscoring the continued health of the PRC metro train sector. As an established market player, NPRT is well-positioned to capture and benefit from this healthy growth. We are optimistic that NPRT will continue to contribute to our performance and growth."

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.