View all newsletters
Receive our newsletter – data, insights and analysis delivered to you
  1. News
December 4, 2016

Midas secures $33.70m international and PRC supply contracts

Jilin Midas Aluminium Industries, a subsidiary of Singapore-based investment holding company Midas, has received five international and People's Republic of China (PRC) supply contracts of a total value of ¥232.1m ($33.70m).

By Lopamudra Roy

Jilin Midas Aluminium Industries, a subsidiary of Singapore-based investment holding company Midas, has received five international and People's Republic of China (PRC) supply contracts of a total value of ¥232.1m ($33.70m).

The five projects include two contracts worth ¥137.7m ($19.99m) in Europe, two contracts worth ¥79.8m ($11.59m) in the PRC, as well as a ¥14.6m ($2.12m) contract from the Middle East.

Midas executive director and chief executive officer Patrick Chew said: “Our latest contracts are an affirmation of Midas’ ongoing efforts to tap opportunities in the global rail industry, and also reflect our continuing ability to secure the confidence of international customers.

“We look forward to the successful delivery of these orders and will continue to actively pursue opportunities in China and globally.”

"We look forward to the successful delivery of these orders and will continue to actively pursue opportunities in China and globally."

Awarded by China’s CRRC Changchun Railway Vehicles, the two PRC projects will see the development of ¥41.6m ($6.04m) Wuhan Metro Line Seven and ¥38.2m ($5.55m) Chongqing Rail Transit Loop Line.

The two European contracts will be worth approximately ¥71.7m ($10.41m) and ¥66m ($9.58m) respectively.

Scheduled to be delivered in 2017, the five contracts are expected to make positive contributions to the company’s financial performance in the next financial year.

Last month, Midas’s joint venture (JV) company CRRC Nanjing Puzhen Rail Transport also bagged four contracts worth ¥2.59bn ($380m) to supply new metro train cars in China.

Related Companies

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. The top stories of the day delivered to you every weekday. A weekly roundup of the latest news and analysis, sent every Friday. The railway industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Railway Technology