Registration No: 200009758W
NEWS RELEASE
MIDAS SECURES TWO PRESTIGIOUS CONTRACTS WORTH RMB603 MILLION FOR ITS SINGLE LARGEST PROJECT ORDER TO-DATE
To supply 100 train sets (equivalent to 1,600 train cars) for the inter-city high-speed train “CRH3-380” project in the PRC Single largest project order undertaken by the Group to-date Well-positioned for foray into the downstream aluminium alloy extrusion component fabrication business Singapore, June 16, 2009 – Mainboard-listed Midas Holdings Limited (“Midas”) (麦达 斯控股有限公司) is pleased to announce today that its Aluminium Alloy Division, Jilin Midas Aluminium Industries Co., Ltd (“Jilin Midas”) (吉林麦达斯铝业有限公司), has secured two contracts worth an aggregate sum of RMB603 million, to supply aluminium alloy extrusion profiles for 100 train sets (1 train set = 16 train cars), an equivalent of 1,600 train cars, for the inter-city high-speed train “CRH3-380” project with speeds up to 350km/h.
Based on the number of train cars and the combined value of the two contracts, CRH3-380 is the single largest project order secured by Midas to-date.
The first contract, worth RMB306 million, was awarded by CNR Changchun Railway Vehicles Co., Ltd (“Changchun Railway”) (中国北车长春轨道客车股份有限公司). Under the contract, Jilin Midas will supply aluminium alloy extrusion profiles for 50 train sets (an equivalent of 800 train cars) for the CRH3-380 project.
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The second contract, worth RMB297 million, was awarded by CNR Tangshan Railway Vehicles Co., Ltd (“Tangshan Railway”) (中国北车唐山轨道客车有限责任公 司). Under the contract, Jilin Midas will supply aluminium alloy extrusion profiles for another 50 train sets (an equivalent of 800 train cars) for the CRH3-380 project.
Both contracts are to be fulfilled over the second half of 2009 to 2011, thus having a positive impact on the Group’s financials over the financial years ending December 31, 2009, 2010 and 2011.
Said Mr. Patrick Chew (周华光), CEO of Midas: “The securing of these two contracts for the CRH3-380, our single largest project order to-date, represents a significant milestone in Midas’ corporate history. Our ability to clinch these contracts serve as a strong testament to our market leadership position in the PRC rail transportation sector and re-affirms our solid track record in the industry. Both Changchun Railway and Tangshan Railway are our repeat customers, thus reflecting their continued confidence in our ability to deliver high quality products. In addition, this also positions us favourably for our foray into the downstream aluminium alloy extrusion component fabrication business.”
“The PRC Government’s RMB4 trillion stimulus package, which has a strong focus on rail infrastructural development, is generating many exciting opportunities in the railway infrastructure market, which we are actively pursuing. With this latest development, we are confident that we will be able to ride on the strong industry prospects to bring our Group to the next phase of growth.”
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About Midas Holdings Limited
Founded in 2000, Midas is today a leading manufacturer of aluminium alloy extrusion products, primarily for the rail transportation sector in the PRC. The Group operates three business divisions; namely, Aluminium Alloy, PE Pipe and Agency and Procurement, which are strategically located in the PRC to capitalise on the opportunities arising from the rapid development of the PRC’s rail transport and infrastructure sectors.
Midas is a PRC certified supplier to the world’s largest train manufacturers, ALSTOM SA, Siemens and Changchun Bombardier. It is also a preferred supplier for Alstom Transport’s projects globally, under Alstom’s “Leading Partners 150” programme. Midas’ customers include ALSTOM Transport SA, Siemens International Trading Ltd, Bombardier Transportation, Changchun Railway Vehicles Co., Ltd, CNR Tangshan Locomotive and Rolling Stock Works, Nanjing SR Puzhen Rail Transport Co., Ltd and CSR Zhuzhou Electric Locomotive Co., Ltd.
Since 2003, Midas has been involved in many high profile rail transport projects in the PRC. In addition, since 2004, it has also successfully exported its products to the international market including Europe, Korea and Singapore.
Besides its core business, Midas has a 32.5% equity stake in a Sino-foreign joint venture, Nanjing SR Puzhen Rail Transport Co., Ltd, to engage in the development, manufacturing and sale of metro trains, bogies and their related parts.
In September 2007, Midas’ Aluminium Alloy Division was named “2007 China’s Top Brand” by the General Administration of Quality Supervision, Inspection and Quarantine of the People’s Republic of China (“AQSIQ”) (国家质量监督检验检疫总 局).
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Midas was also named a Forbes Asia’s Best Under A Billion Company consecutively for three years from 2006 to 2008.
ISSUED ON BEHALF OF : BY :
Midas Holdings Limited Citigate Dewe Rogerson, i.MAGE Pte Ltd 1 Raffles Place #26-02 OUB Centre SINGAPORE 048616
CONTACT
:
Ms Chia Hui Kheng / Ms Lee Ching Wern at telephone
DURING OFFICE HOURS : AFTER OFFICE HOURS EMAIL : :
6534-5122 9781-5913 / 9781-1509
(Office) (Handphone)
huikheng.chia@citigatedrimage.com chingwern.lee@citigatedrimage.com
072/09/003/MHL June 16, 2009
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