Midas Holdings says its subsidiary, Jilin Midas Aluminium Industries Co., has been awarded orders totalling $17.3 million from Alstom Transport S.A. to supply train car body module components for new trains on the Singapore North East Line (NEL) and Circle Line (CCL).
According to the orders, Midas will supply train car body module components for 18 train sets (1 train set = 6 train cars), or 108 train cars for the NEL, and 24 train sets (1 train set = 3 train cars), or 72 train cars for the CCL.
Patrick Chew, Chief Executive Officer of Midas, said, “Since 2004, we have successfully secured contracts to supply large section aluminium alloy profiles to manufacture body frames for the Singapore Downtown Line Project and Circle Line Project amongst others. We are pleased to have been awarded these orders from our long-standing major customer Alstom, testament to Jilin Midas’ technical capabilities both at home and abroad.”
In February 2013, Singapore’s Transport Minister announced that transport operator, SMRT Corporation, will spend about $1.75 billion from 2013 to 2019 to upgrade and purchase assets for its rail network. As part of this upgrade, SMRT will spend $750 million to purchase additional trains for its Mass Railway Transit and Light Rail Transit lines, including 24 new trains for the Circle line.
Delivery is slated to take place progressively from 2013 to 2015. These orders are expected to contribute positively to the Group’s financial performance for the financial years ending 2013 to 2015.
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