Midas secures RMB1.05 Billion Contract

MIDAS’ JV COMPANY NANJING SR PUZHEN RAIL TRANSPORT AND CONSORTIUM PARTNERS SECURE RMB1.05 BILLION CONTRACT
- To supply 21 train sets (126 train cars) for the Nanjing Metro Line 1 Extension Project
- Nanjing SR Puzhen Rail Transport has an estimated 70% share of contract

Singapore, January 28, 2008 – Main Board-listed Midas Holdings Limited

(“Midas”) (麦达斯控股有限公司) is pleased to announce that it has today been informed by its JV company, Nanjing SR Puzhen Rail Transport Co., Ltd (南京南车浦镇城轨车辆有限公司) (“NPRT”), that a contract to supply metro train cars, valued at RMB1.05 billion has been awarded by Nanjing Metro Co., Ltd ( 南京南车浦镇城轨车辆有限公司) to NPRT and its consortium partners Shanghai ALSTOM Transport Electrical Equipment Co.,Ltd. (上海阿尔斯通交通电气有限责任公司) and ALSTOM Transport S.A (阿尔斯通交通股份有限公司).

Under the terms of the contract, NPRT and its consortium partners will supply 21 metro train sets (1 train set = 6 train cars), an equivalent of 126 train cars for the Nanjing Metro Line 1 Extension Project. NPRT has an estimated 70% share of this contract which is expected to be fulfilled between 2009 and 2011.

As such, the contract is not expected to have a material impact on the Group’s FY2008 financials.

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. “We are delighted that our JV company NPRT has won this contract. This deal is a testament of NPRT’s growing customer base and marks the beginning of a strong start to 2008 for NPRT,” said Mr Patrick Chew (周华光), CEO of Midas.