Shares of Singapore-listed aluminium products manufacturer Midas Holdings <MIDA.SI> rose as much as 3.7% on Thursday after it won a 20.3 million euros ($36.39 million) contract for a train project in Switzerland.

At 10:25 a.m., Midas shares were trading up 2.67% at $0.965 on a volume of 5 million shares.

 

Midas said the contract awarded by Bombardier Transportation to supply aluminium alloy extrusion profiles for 436 train cars was its largest international contract to-date. Bombardier also has an option to secure supply for another 724 train cars.

 

The contract is expected to have positive impact on Midas’ financial results for the financial years ending December 31, 2011 to 2019, the firm said in a statement.

 

“While the net profit impact on Midas is less than $1 million per annum from FY11-19, we see it as an important milestone in making inroads into downstream fabrication services and overseas markets,” brokerage DMG & Partners said in a report.