MN Holdings JV wins RM43.5m contracts from TNB

UNDERGROUND utilities and substation engineering specialist MN Holdings Bhd and its joint venture partner Zafas Sdn Bhd have secured a contract worth RM43.5 million from Tenaga Nasional Bhd (TNB).

The company’s wholly-owned subsidiary MN Power Transmission Sdn Bhd and Zafas today accepted the letter of award from TNB, appointing them to be the main contractor for the gas-insulated substation in-situ replacement project.

Under the contract, MN Power and Zafas will undertake the dismantle, replacement and commissioning of primary and secondary equipment, and power cable of gas insulated substation at PMU132kv Bayan Baru, Penang.

“Inclusive of this contract, MN Holdings has successfully increased its outstanding order book to approximately RM328.34 million, which will provide a healthy earnings visibility for the next three years,” MN Holdings ED Dang Siong Diang said in a statement today.

The contract is expected to contribute positively to the revenue and earnings of the company for the financial years ending June 30, 2023 (FYE23), FYE24 and FYE25.

The contract is expected to be completed in 790 days from the commencement date.

MN Holdings shares closed a sen higher, or 4.35%, at 24 sen today, translating to a market capitalisation of RM98 million. — TMR / graphic TMR