Midas Holdings’ subsidiary Jilin Midas Aluminium Industries (Jilin Midas) has received a series of contracts worth CNY328.9m ($53m) to deliver high-speed train car body components in China.

The latest contracts include CNY185.4m ($29.8m) worth of orders from CNR Changchun Railway Vehicle and CNY143.5m ($23m) worth of orders from CNR Tangshan Railway Vehicle.

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As part of these deals, Jilin Midas will supply aluminium-alloy extrusion profiles and certain fabricated parts for high-speed trains that will operate at speeds of up to 350km/h and 380km/h respectively.

"We will continue to leverage on our established relationships to participate in new opportunities in China and international markets."

Midas executive director and chief executive officer Patrick Chew said: "As a quality supplier with a long-standing track record and relationship with our customers, we are heartened that our efforts have been rewarded with the continuing confidence of repeat customers CNR Changchun and CNR Tangshan.

"Midas continues to be a beneficiary of the growth of the PRC rail market. We will continue to leverage on our established relationships to participate in new opportunities in China and international markets."

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The company said that the equipment is scheduled to be delivered later this year.

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Midas manufactures aluminium-alloy extrusion products for the passenger rail transportation sector in China.

The company was also involved in contracts such as the Beijing-Tianjin High Speed Train Project and the CRH3-380 Intercity High-Speed Trains Project.

Its customers include major domestic PRC train manufacturers from CSR Corporation and China CNR, as well as three global train manufacturers Alstom Transport, Siemens and Bombardier Transportation.