Midas Holdings JV kickstarts 2016 with RMB1.28b contract win

Delivery is scheduled between 2016 and 2017.

Midas Holdings’ joint venture company Nanjing SR Puzhen Rail Transport (NPRT) kickstarted 2016 with a RMB1.28b metro train contract.

According to a media release by Midas, the contract was awarded by Guiyang Urban Rail Transit. Delivery is scheduled between 2016 and 2017.

Further, the company reportedly expects the contract win to positively augment Midas' financial performance for FY16 and FY17.

“NPRT has made a strong start to the year with a RMB1.28 billion order boost and marks its successful breakthrough into a new PRC city. This new contract reflects the continued expansion of China’s domestic rail network, which we believe will continue to translate into significant growth opportunities for market players,” said Midas Executive Director and CEO Patrick Chew.

Midas holds a 32.5% stake in NPRT, a Sino-foreign joint venture that deals with development, sale and manufacture of metro trains, bogies and related components.