Midas JV NPRT wins two metro contracts in China

16 August 2012 (Last Updated August 16th, 2012 18:30)

Midas Holdings' joint venture company, Nanjing SR Puzhen Rail Transport (NPRT), has received two metro contracts worth RMB1.4bn ($219.9m) in China.

Midas Holdings' joint venture company, Nanjing SR Puzhen Rail Transport (NPRT), has received two metro contracts worth RMB1.4bn ($219.9m) in China.

Wuxi Rail Transport Development awarded the first contract, worth RMB663m ($104m), to supply 23 train sets (138 cars) for the Wuxi Metro Line 2 project.

Trains under this deal are scheduled to be delivered from 2013 to 2014 and will contribute to Midas's performance for the financial years ending 2013 to 2014.

NPRT secured the second contract, worth RMB756m ($118.7m), from Hangzhou Metro to supply 27 train sets (162 cars) for the Hangzhou Metro Line 2 project between 2013 and 2016.

Commenting on the new contracts, Midas CEO Patrick Chew said: "With this new development, NPRT's year-to-date contract wins increase to four contracts for 535 train cars, with an aggregate value of approximately RMB2.8 billion."

In July 2012, NPRT won an RMB860m ($135m) contract from Dongguan Rail Transit to supply metro train sets to the Dongguan Rapid Railway R2 Line project.

The deal calls for NPRT to deliver 20 train sets (20 cars) between 2013 and 2015.

Midas has a 32.5% stake in NPRT, which is involved in the development, manufacture and sale of metro trains, bogies and their related parts.