Mainboard-listed Midas Holdings announced today that its joint venture company, Nanjing SR Puzhen Rail Transport Co. (NPRT) was awarded a contract worth RMB474 million ($96.6 million) to supply metro train sets for the Suzhou Metro Line 1 project.

According to the terms of the contract awarded by Suzhou Rail Transit Co., NPRT will deliver 25 metro train sets or 100 metro train cars progressively from the fourth quarter of 2010 to 2012. As such, this contract is expected to have a positive impact on the group’s financial results for the financial years ending 2010 to 2012.

Midas has a 32.5% equity stake in NPRT, a Sino-foreign joint venture, to engage in the development, manufacturing and sale of metro trains, bogies and their related parts.