Midas JV gets S$321.3m contract in China

SINGAPORE: Mainboard-listed supplier of aluminium alloy products, Midas, said one of its joint venture firm has won a 1.56 billion yuan or about S$321.3 million contract in China. The joint venture firm, Nanjing SR Puzhen Rail Transport (NPRT), secured the contract from Guangdong Southeast Inter-City Railway Transport Co and Guangdong Railway Construction Investment Group. The contract is to supply 32 metro train sets, totalling 192 train cars for the Pearl River Delta Inter-City Train Project and Dongguan-Huizhou Inter-City Train Project. Delivery of the train cars is expected to commence in the second half of 2011, and is likely to be completed by the end of 2013. Midas has a 32.5 per cent stake in NPRT, a Sino-foreign joint venture, to engage in the development, manufacturing and sale of metro trains. - 938LIVE/vm