MN Holdings bags 2 contracts worth RM10.5m

The 2 contracts extend the company’s outstanding orderbook to RM272m

by ANIS HAZIM / TMRgraphic

MN HOLDINGS Bhd (MNHB) have won two underground utilities contracts worth RM10.5 million in Kedah and Kuala Lumpur.

According to a statement, Mutu Nusantara Sdn Bhd, the underground utilities and substation engineering specialist company’s wholly owned subsidiary, has accepted a letter of award (LoA) from Orasko Sdn Bhd to be the subcontractor to provide horizontal directional drilling and open cut construction works for RM8.1 million.

“The contract scope of work comprises installation of 33 kilovolt (kV) power cables and fibre optic cables to connect a multinational corporation’s high-end integrated circuit substrates manufacturing facility to a new gas insulated substation in Kulim Hi-Tech Park,” it said.

The project is under Nur Energy Services Sdn Bhd, a unit of Nur Power Sdn Bhd, the exclusive power utility firm for Kulim Hi-Tech Park.

The contract is for a work period of 12 months from August 2022 to August 2023.

For the second contract, Mutu Nusantara has accepted a LoA from Mutiara Rini Sdn Bhd to provide specialist work for relocation of 33kV power cable services via open trenching method for RM2.4 million which is expected to be completed by February 2023.

With these new wins, MNHB ED Datuk Clement Toh said the group has successfully increased its outstanding orderbook to RM272 million.

“The two contracts are expected to contribute positively to the revenue and earnings of the company for the financial years ending June 30, 2023 (FY23), and FY24, as well as to the future earnings and net assets per share of the group during the duration of the contract,” he added.

For the third quarter ended March 31, 2022, MNHB recorded a net profit of RM1.89 million and revenue of RM29.11 million.