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SINGAPORE : Midas secures 3 contracts valued at US$22.24m
Publish Date : 29-Dec-2011
Midas Holdings Limited on Tuesday announced that its aluminium alloy division, Jilin Midas Aluminium Industries Co Ltd, has secured three contracts worth a total of 142.2 million yuan (US$22.24 million) to supply aluminium alloy extrusion profiles.
The first contract, awarded by Bombardier Transportation Brasil Ltda, is worth 7.2 million euros (US$9.38 million). Delivery for this project is expected to take place progressively from 2012 to 2015, and is not expected to have any impact on the group\'s financials for the fiscal year ending Dec 31, 2011.
The second contract and third contracts will see Midas supply aluminium alloy for train sets, for the Shanghai Metro Line 13 and Zhengzhou Metro Line 1. The contracts were awarded separately by the group\'s joint venture company Nanjing SR Puzhen Rail Transport Co Ltd and CSR Zhuzhou Electric Locomotive Co Ltd, respectively.
Valued at 44.8 million yuan and 38 million yuan, the metro contracts are expected to be completed by 2012 and are expected to contribute to the group\'s financial for the financial years ending Dec 31, 2011 and 2012
