The Board of Directors of Mainboard-listed Midas Holdings Limited (the "Company") wishes to refer to announcements made on 22 December 2008 and 30 April 2009. Unless otherwise defined, capitalised terms in this announcement shall have the same meanings as defined in the announcements.

In the announcement made on 22 December 2008, Final Completion of the Acquisition was conditional upon, among other things, Jiali having legal and valid title over the 30,000 square metres of land proposed to be transferred to Jilin Midas prior to 30 June 2009. The Company has been informed by Jiali that it is unable to secure legal and valid title over the 30,000 square metres of land before 30 June 2009.

The Company would like to announce that it has decided to deem the Acquisition as being completed at First Completion in accordance with the terms of the Asset Transfer Agreement and shall not pursue the acquisition of the 30,000 square metres of land. Accordingly, pursuant to the Asset Transfer Agreement, the total acquisition price of RMB 168 million shall be reduced by RMB 10 million to RMB 158 million (equivalent to approximately SGD 33.6 million).

The Board is of the opinion that this is not expected to have any material impact on the Company and the group performance for the year ending 31 December 2009.

On behalf of the Board
Midas Holdings Limited

Patrick Chew Hwa Kwang
CEO
30 June 2009