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March 18, 2014

Jilin Midas secures aluminium alloy contracts from CNR Changchun

Midas Holdings subsidiary Jilin Midas Aluminium Industries has secured two contracts from CNR Changchun Railway Vehicles for the supply of aluminium alloy extrusion profiles.

Midas Holdings subsidiary Jilin Midas Aluminium Industries has secured two contracts from CNR Changchun Railway Vehicles for the supply of aluminium alloy extrusion profiles.

The combined value of both contracts is around RMB71.9 ($11.7m).

The first RMB47.2m ($7.7m) contract involves the supply of aluminium alloy extrusion profiles for 38 train sets, or 228 train cars, for the Shenzhen Metro Lines 2 and 5 projects.

"We are well-positioned to participate in the continued development of China’s metro sector."

Under the second RMB24.7m ($4m) contract, Jilin Midas will supply aluminium alloy extrusion profiles for 24 train sets, or 144 train cars, for Wuhan Metro Line 4.

The delivery under the first contract is expected to be completed between this year and 2015, while delivery under the second contract is slated for this year.

Midas Holdings CEO Patrick Chew said: "We are encouraged that our long-term relationships with key PRC metro train players have continued to translate into opportunities for Midas.

"We are well-positioned to participate in the continued development of China’s metro sector and remain optimistic of strong opportunities from this growing market."

Jilin Midas has also secured contracts worth RMB167.5m ($27m) from CNR Changchun Railway Vehicle and CNR Tangshan Railway Vehicle in October 2013.

These contracts covered the supply of aluminium alloy extrusion profiles and certain fabricated parts for the manufacture of high-speed trains to major producers in China.

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