Midas Holdings Limited is a top manufacturer of Singapore aluminium products has an agreement to deliver 24 metro train or rail transport sets to Shanghai.
The agreement is worth 1.14 billion yuan or Singapore $234 million. The train or rail transport sets are expected to be delivered from 2012 to 2013. Midas said the contract is expected to have a positive impact on the financial results for the financial years ending 2012 and 2013.
Midas joint venture company Nanjing SR Puzhen Rail Transport or NPRT has a 70% venture in this agreement. The consortium members include Siemens Traction Equipment Ltd, Zhuzhou, Siemens Ltd, China, and Siemens International Trading Ltd, Shanghai.
Midas has a 32.5% equity stake in NPRT, a Sino foreign joint venture engaged in the development, manufacture and sale of metro trains or rail transport.