Midas wins high-speed train contracts in China worth RMB167.5m

For supply of key profiles and parts.

Midas Holdings Limited announced that its subsidiary, Jilin Midas Aluminium Industries Co., Ltd, has been awarded contracts by CNR Changchun Railway Vehicle Co., Ltd and CNR Tangshan Railway Vehicle Co., Ltd to supply aluminium alloy extrusion profiles and certain fabricated parts for the manufacture of high speed trains.

The contracts are worth an aggregate sum of RMB167.5 million.

Mr Patrick Chew, Executive Director and Chief Executive Officer of Midas, said, “We are delighted that our major customers continue to place their trust in our capability and performance. Through these contract wins, we will supply aluminium alloy extrusion profiles and certain fabricated parts for high speed trains that will operate at speeds up to 350km/hr. Our ability to compete and win contracts at this level positions the Group well to benefit from the developments in China’s passenger rail transportation sector.”

The contracts are expected to contribute positively to Midas’ financial performance from 2013 to 2014.

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