SINGAPORE and HONG KONG, March 19, 2013 /PRNewswire/ -- Midas Holdings Limited ("Midas" or the "Company", together with its subsidiaries, the "Group"; SGX-ST stock code: 5EN; SEHK stock code: 1021) is pleased to announce that its subsidiary, Jilin Midas Aluminium Industries Co., Ltd. ("Jilin Midas") has won a EUR22.7 million (approximately RMB182.8 million (Note 1)) contract from Ural Locomotives Limited Liability Company ("Ural Locomotives"), a joint-venture company between Siemens AG and Russia's Sinara Group.
Mr. Patrick Chew, Chief Executive Officer of Midas, said, "This contract from Ural Locomotives is significant as it is our first international contract this year and an affirmation that our diversification strategy and efforts in growing our international markets are bearing results. Our success in securing this export order is a further testimony of the international recognition of Jilin Midas' technical capabilities and quality output. This positions the Group well to grow its orders from both international and PRC markets."
Under the terms of the contract, Midas will supply aluminium alloy extrusion profiles for use in the manufacture of 100 electric train sets (1 train set = 5 train cars), or 500 electric train cars for commuter passenger service. Delivery for the contract is slated to take place progressively from 2013 to 2019. This contract is expected to contribute positively to the Group's financial performance for the financial years ending 2013 to 2019.
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.
Note:
