Midas Secures Two Metro Contracts Worth RMB62.2 Million

SINGAPORE and HONG KONG, May 21, 2012 /PRNewswire-Asia/ --

• First contract worth RMB33.7 million for the supply of aluminium alloy extrusion profiles and certain fabricated parts for Ningbo Metro Line 1
• Second contract awarded by JV company NPRT for the supply of aluminium alloy extrusion profiles to Nanjing Metro Line 10

Midas Holdings Limited ("Midas" or the "Company", together with its subsidiaries, the "Group"; SGX-ST stock code: 5EN; SEHK stock code: 1021) is pleased to announce that its Aluminium Alloy Division, Jilin Midas Aluminium Industries Co., Ltd ("Jilin Midas") has won two metro contacts worth a combined RMB62.2 million from customers in the PRC.

The first contract, worth approximately RMB33.7 million, is awarded by CSR Zhuzhou Electric Locomotive Co., Ltd. Under the terms of the contract, Midas will supply aluminium alloy extrusion profiles and certain fabricated parts for 22 train sets (1 train set comprises 6 train cars), or 132 train cars, for the Ningbo Metro Line 1 project.

Mr Patrick Chew, CEO of Midas, said, "The Ningbo contract marks our penetration into yet another PRC city which does not have an existing metro system. Ningbo City currently has a total of six metro lines planned for development and we believe that this will naturally bring new growth opportunities for its metro sector."

The second contract, worth approximately RMB28.5 million, is awarded by the Group's 32.5% owned joint-venture company, Nanjing SR Puzhen Rail Transport Co., Ltd ("NPRT"). Under the terms of the contract, Midas will supply aluminium alloy extrusion profiles for 21 train sets (1 train set = 6 train cars), or 126 train cars, for the Nanjing Metro Line 10 project.

The delivery for both orders are expected to take place progressively from 2012 to 2013 and is expected to contribute positively to the Group's financials for the financial years ending December 31, 2012 and 2013.

"The latest contract wins reaffirmed the Group's capabilities and customers confidence in our products. We will continue to build on our strong track record and work closely with major customers to secure new business opportunities both in the PRC and the region," Mr Chew added.

About Midas Holdings Limited

Founded in 2000, Midas is today the leading manufacturer of aluminium alloy extrusion products for the passenger rail transportation sector in the PRC. Over the years, Midas has built an established track record in supplying to the PRC passenger rail transportation sector, which includes participation in landmark contracts such as trains for the Beijing-Tianjin High Speed Train Project, and inter-city high speed trains for the CRH3-380 Project. Midas' customers include domestic PRC licensed train manufacturers from China South Locomotive & Rolling Stock Corporation Limited ("CSR") and China CNR Corporation Limited ("CNR"), as well as international customers such as Alstom Transport ("Alstom"), Siemens AG ("Siemens") and Bombardier Transportation.

Midas has a strategic 32.5% stake investment in Nanjing SR Puzhen Rail Transport Co., Ltd ("NPRT"), an associate company engaged in the development, manufacturing and sale of metro trains, bogies and their related parts. NPRT is one of the four Licensed Metro Manufacturers licensed to undertake metro train projects on a nationwide basis in the PRC.

In recognition of its consistent growth and profitability, Midas is one of only six companies, and the only aluminium alloy extrusion products manufacturer, in Asia to be included in Forbes Asia's "Best Under A Billion" list for four consecutive years from 2006 to 2009. The Company was also awarded the "Best Investor Relations Award (Gold)" at the Singapore Corporate Awards 2010 in the "S$300 million to less than S$1 billion market capitalisation" category. As testament to its strong brand name and reputation in the PRC, Midas was conferred the prestigious "China Well-Known Trademark" by the Trademark Office of the State Administration for Industry & Commerce of the PRC ("SAIC") in 2011.

Midas has a primary listing on the Mainboard of the Singapore Exchange Securities Trading Limited and a secondary listing on the Main Board of the Stock Exchange of Hong Kong Limited.

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