Shares of Singapore-listed Midas Holdings (MIDA.SI), which makes aluminium components used in trains, jumped as much as 6.2% on Friday after it said it had secured two contracts worth a total of 3.13 billion yuan ($584.8 million).
At 9:14 a.m., shares of Midas were traded at $0.595 with over 26 million shares changing hands. This was 3.7 times its average daily turnover since the start of the year.
Midas secured two contracts to supply train cars in China, and are expected to have positive impact on the firm’s results for the financial years ending 2013 to 2015, it said in statement.
Before Friday’s jump in the shareprice, Midas shares had fallen by as much as 14% since the start of the week, hit by expectations its orders would be delayed after China ordered an investigation into a train accident.
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