- For the supply of train car body module components for the NEL and CCL
SINGAPORE and HONG KONG, April 16, 2013 /PRNewswire/ -- Midas Holdings Limited ("Midas" or the "Company", together with its subsidiaries, the "Group"; SGX-ST stock code: 5EN; SEHK stock code: 1021) was pleased to announce that its subsidiary, Jilin Midas Aluminium Industries Co., Ltd ("Jilin Midas") had been awarded orders totalling S$17.3 million (approximately RMB86.5 million[1]) from Alstom Transport S.A. ("Alstom") to supply train car body module components for new trains on the Singapore North East Line ("NEL") and Circle Line ("CCL") on 9 April 2013.
Mr Patrick Chew, Chief Executive Officer of Midas, said, "Since 2004, we have successfully secured contracts to supply large section aluminium alloy profiles to manufacture body frames for the Singapore Downtown Line Project and Circle Line Project amongst others. We are pleased to have been awarded these orders from our long-standing major customer Alstom, testament to Jilin Midas' technical capabilities both at home and abroad."
In February 2013, Singapore's Transport Minister announced that transport operator, SMRT Corporation Ltd, will spend about S$1.75 billion from 2013 to 2019 to upgrade and purchase assets for its rail network. As part of this upgrade, SMRT will spend S$750 million to purchase additional trains for its Mass Railway Transit and Light Rail Transit lines, including 24 new trains for the Circle line.[2]
Pursuant to these orders, Midas will supply train car body module components for 18 train sets (1 train set = 6 train cars), or 108 train cars for the NEL, and 24 train sets (1 train set = 3 train cars), or 72 train cars for the CCL.
Delivery is slated to take place progressively from 2013 to 2015. These orders are expected to contribute positively to the Group's financial performance for the financial years ending 2013 to 2015.
[1] SGD1 = RMB5.0000
[2] "SMRT to Spend $1.75 billion on rail system", The Straits Times, February 6, 2013
About Midas Holdings Limited
Founded in 2000, Midas is today the leading manufacturer of aluminium alloy extrusion products for the passenger rail transportation sector in the PRC. Over the years, Midas has built an established track record in supplying to the PRC passenger rail transportation sector, which includes participation in landmark contracts such as trains for the Beijing-Tianjin High Speed Train Project, and inter-city high speed trains for the CRH3-380 Project. Midas' customers include domestic PRC licensed train manufacturers from China South Locomotive & Rolling Stock Corporation Limited and China CNR Corporation Limited, as well as international customers such as Alstom Transport, Siemens AG and Bombardier Transportation.
Midas has a strategic 32.5% stake investment in Nanjing SR Puzhen Rail Transport Co., Ltd ("NPRT"), an associate company engaged in the development, manufacturing and sale of metro trains, bogies and their related parts.
In 2012, Midas was honoured with the 'Supplier of the Year Award' by Bombardier Transportation, one of the world's leading manufacturers of innovative aerospace and rail transport solutions. In recognition of its consistent growth and profitability, Midas was included in Forbes Asia's "Best Under A Billion" list for four consecutive years from 2006 to 2009. The Company was also awarded the "Best Investor Relations Award (Gold)" at the Singapore Corporate Awards 2010 in the "S$300 million to less than S$1 billion market capitalisation" category. As testament to its strong brand name and reputation in the PRC, Midas was conferred the prestigious "China Well-Known Trademark" by the Trademark Office of the State Administration for Industry & Commerce of the PRC ("SAIC") in 2011.
Midas has a primary listing on the Mainboard of the Singapore Exchange Securities Trading Limited and a secondary listing on the Main Board of the Stock Exchange of Hong Kong Limited.
