Midas Holdings said its subsidiary, Jilin Midas Aluminium Industries Co., has secured two new contracts worth a combined RMB123.4 million ($24.3 million), for the supply of aluminium alloy tubings.

Awarded by leading power industry players, Xian XD Switchgear Electric Co., and Xian XD High Voltage Apparatus Co. Ltd, the two contracts are valued at RMB100.3 million and RMB23.1 million respectively.

Patrick Chew, CEO of Midas, said, “Midas has made good progress this year. The latest contracts not only attest to customers’ confidence in our quality products, but also demonstrate our versatility in product diversification and growing our core aluminium alloy business beyond its traditional stronghold in the PRC railway sector.”

Delivery for the abovementioned orders are expected to take place between 2012 and 2013.The contracts are expected to contribute positively to the Group’s financial performance for the year ended December 31, 2012 and 2013.

In addition, the group said that Jilin Midas has signed a Strategic Cooperation Agreement with Xian Switchgear Electric. The tenure of the agreement is for a one-year period, with an option to renew for another year upon expiry. Under the terms of the agreement, Jilin Midas will continue to enjoy preferred supplier status as long as Jilin Midas upholds its widely recognised high standard of manufacturing and its quality products are priced competitively.



In addition, the agreement will also facilitate the exchange of information relating to aluminium alloy specification requirements in the China power industry, as well as Jilin Midas’ manufacturing capabilities and technologies.