Midas unit wins $104m contract for Suzhou Metro Line 2 project

Midas Holdings announced on Mar 1 that Suzhou Rail Transit Line 2 Co. has awarded a metro contract worth RMB 526.9 million ($104 million) to its joint venture company, Nanjing SR Puzhen Rail Transport Co. (NPRT) to supply of metro train sets to the Suzhou Metro Line 2 project.

Under the terms of the contract, NPRT will supply 23 train sets or 115 train cars, with delivery expected to take place from 2013 to 2014. The contract is expected to contribute positively to the group’s financial performance for the financial years ending 2013 to 2014.

Midas has a 32.5% equity stake in NPRT, a Sino-foreign joint venture, engaged in the development, manufacture and sale of metro trains and related parts.