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China’s Nanjing Puzhen Rail Transport Awarded Metro And Train Contracts Totalling US$509 Million

  • Thursday, 30 June 2016 06:30

Midas Holdings' joint venture company CRRC Nanjing Puzhen Rail Transport (NPRT) has secured four contracts with a cumulative value of ¥3.3 billion (US$501 million) in China for the supply of metro trains and trams.

The first was awarded by Suzhou Rail Transit Group for an amount of ¥1.88 billion for the Suzhou Rail Transit Line 3 project. As per the contract, the company will deliver low-floor light-rail vehicles (LRV) between 2018 and 2019.

NPRT will also supply trains for the 12.8-kilometre Hangzhou Metro Line 2 Phase 2. This contract is awarded by the Hangzhou Metro Group and is worth ¥640 million.

The third contract was awarded by Honghe Prefecture Modern for ¥630 million to supply LRVs between 2016 and 2017 for the Diannan Centre City Tramway Project.

NPRT will also provide for the Suzhou National New & Hi-tech Industrial Development Zone Tramline 1 extension. This contract, awarded by Suzhou New District Tramway, is valued at ¥150 million. Delivery is expected between 2017 and 2017.

Midas' CEO Patrick Chew said: "NPRT's many contract wins reflects the continued demand for its services amidst China's growing rail transportation network and NPRT's competitive edge in the rail transportation industry. As a leading train manufacturer, NPRT maintains an active involvement in various rail opportunities, announcing approximately ¥4.6 billion in new projects in the year-to-date, which will underpin its contributions to Midas in the coming years.

"We are optimistic that NPRT is well-positioned to expand its market share as new opportunities continue to emerge in China's rail sector,” he added.

Midas owns a 32.5 percent equity stake in NPRT, which manufactures and sells metro trains, bogies and their related parts.

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