Midas, Chalco sign letter of intent for JV

Singapore-listed Midas Holdings Ltd said on Thursday it has signed a letter of intent with China's largest aluminum producer Aluminum Corp of China Ltd (Chalco) to set up a joint venture company, sources reported.

Midas revealed in a statement filed with the Singapore Stock Exchange that it will hold a 35% stake in the joint venture.

According to the statement, Chalco and China Northeast Light Alloy Co, in which Chalco owns a controlling interest, would take the remaining stake, but without disclosing the specific proportion, and Chaclo also has option to acquire the stake in the joint venture held by the latter.

Incorporated in 2000, Midas Holdings is an investment holding company with primary strategic investment focus on the large-section aluminum alloy extrusion products and polyethylene pipes markets in China, where there is growing need for these products for transportation, power and infrastructure industries, according to its website.

In 2006, Midas acquired a 32.5% stake in Nanjing SR Puzhen Rail Transport Co Ltd (NPRT), which is one of four rolling stock companies granted to undertake metro projects in China.

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