Midas Holdings subsidiary Jilin Midas Aluminium Industries has secured three contracts worth CNY94.6m ($14.8m) to supply aluminium-alloy extrusion profiles for metro trains in China.
The first metro train supply contract worth CNY38.2m ($5.9m) is from CNR Changchun Railway Vehicle for Shenzhen Rail Transit Line 9.
The other supply contracts were awarded by the group’s associated company, Nanjing SR Puzhen Rail Transport, for Hefei Rail Transit Line 1 and Suzhou Rail Transit Line 4, which are worth CNY32.7m ($5.1m) and CNY23.7m ($3.7m), respectively.
Midas executive director and chief executive officer Patrick Chew said: "This is testimony to the railway industry’s growth and the confidence of our repeat customers in us.
"Moving forward, we believe that our years of experience and track record as a quality supplier will continue to aid us in our pursuit of new business opportunities."
The contracts are slated for delivery this year and the next, and are expected to contribute positively to Midas’ financial performance for the two years.
In March last year, Jilin Midas Aluminium Industries has secured two contracts from CNR Changchun Railway Vehicles for the supply of aluminium-alloy extrusion profiles with a combined value of around CNY71.9m ($11.7m).
The first CNY47.2m ($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.
Under the second CNY24.7m ($4m) contract, Jilin Midas will supply aluminium-alloy extrusion profiles for 24 train sets, or 144 train cars, for Wuhan Metro Line 4.
Midas is a manufacturer of aluminium-alloy extrusion products for the passenger rail transportation sector in China.