MN Holdings Bhd’s unincorporated joint venture with Pembinaan Tajri Sdn Bhd (PTSB) has secured a RM122.31 million contract from Tenaga Nasional Bhd to install a new underground power cable system between Tasek Gelugor and Bertam.
According to a statement on Monday, PTSB will lead the project, with MN Holdings’ wholly owned subsidiary, MN Utilities Engineering Sdn Bhd, handling 80% of the work and PTSB the remaining 20%. Both parties will jointly oversee execution and completion.
The scope covers engineering, design, supply and installation of the cable system, along with related works such as obtaining permits and restoring affected surfaces and structures.
The contract took effect on Monday, Aug 10, and is expected to be completed within 450 days, or about 15 months from the commencement date.
MN Holdings managing director Datuk Clement Toh said the contract strengthens the group’s position in Malaysia’s power transmission infrastructure, amid rising electricity demand and continued investment to improve grid reliability.
The group said the award also widens its infrastructure project portfolio beyond the data centre segment, as it pursues opportunities across Malaysia’s power, utilities and energy infrastructure sectors.
MN Holdings, which mainly serves power utilities, is also seeking to transfer its listing from the ACE Market to the Main Market, having secured approval from the Securities Commission Malaysia in July.
The group has benefited from rising investment in Malaysia’s power infrastructure, including grid upgrades to support growing electricity demand from data centres, while also expanding into renewable energy projects.
Shares of MN Holdings closed up nine sen, or 2.97%, at RM3.12 on Monday, valuing the group at around RM2.09 billion.
