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Publish Date : 06-Jan-2017

Singapore-based Midas' joint venture (JV) CRRC Nanjing Puzhen Rail Transport (NPRT) has secured two metro train car supply deals worth a total of CNY1.77bn ($254.5m).

Changzhou Rail Transit Development offered the first CNY1.05bn ($150.9m) supply contract for the Changzhou Rail Transit Line One Phase I procurement project.

The contract is scheduled for delivery between January 2018 and November 2019.

NPRT won the second supply deal valued at CNY720m ($103.5m) from Xuzhou Rail Transit Line One Investment and Development for the Xuzhou Urban Rail Transit Line One Phase I procurement project.

This contract would be delivered from May 2018 to August 2019.

Midas executive director and CEO Patrick Chew stated: "We are heartened to note that NPRT continues to be a beneficiary of China's continued push to expand its railway systems, including its urban rail transit systems nationwide. This will help drive demand for metro train cars, and we believe NPRT is well-positioned to ride on the positive industry trend. With continuing PRC central government-supported investments into China's rail network, we are optimistic about new opportunities in the years ahead."

Midas owns a 32.5% equity stake in NPRT, which is a Sino-foreign partnership, and develops, makes and supplies metro trains, bogies and their related parts.

The company makes aluminium alloy extrusion products for China's passenger rail transportation industry.

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