NPRT to supply trains for intercity rail project in China

Midas Holdings' joint venture company, Nanjing SR Puzhen Rail Transport (NPRT), has received a RMB588m ($92.7m) contract from Nanjing Metro in China to supply 15 trains.

NPRT, along with its consortium partners, Shanghai Alstom Transport Electrical Equipment and Alstom Transport, will provide six-car train sets for the Nanjing-Gaochun Intercity Rail Project.

NPRT has a 76% share in the contract, while the trains are scheduled to be delivered between 2013 and 2014.

Midas CEO Patrick Chew said: "The Nanjing-Gaochun Intercity Rail Project is the fifth major contract win in 2012 for NPRT and its consortium partners, and is expected to see the value of its year-to-date orders increased to more than RMB3bn ($473m)."

In August 2012, NPRT 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 between 2013 and 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.

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