KUALA LUMPUR (Oct 19): MN Holdings Bhd has clinched a substation engineering contract worth RM22.5 million in Nusajaya Technology Park, Johor.  

The group said its wholly-owned unit MN Power Transmission Sdn Bhd was awarded the contract by GDS IDC Services (M) Sdn Bhd, to design and install two interim consumer landing stations for GDS’ data centre.
 
A 33kV landing station is to be completed by April 30, 2023 and a 33kV landing station by Aug 30, 2023, the underground utilities and substation engineering group said in a bourse filing. 

The group, which was listed on Bursa Malaysia’s ACE Market on April 28, said the contract was expected to contribute positively to its earnings for the financial year ending June 30, 2023 (FY23) and FY24.  

MN Holdings executive director Dang Siong Diang said the contract further demonstrated the group’s progress in replenishing its order book during a time of rising inflation and interest rates.

With this latest contract, the group has increased its order book to about RM292 million. 

“We are honoured to be awarded this contract from one of the largest data centre companies in the world. This is a significant win for MN Holdings, proving our technical capabilities,” Dang said in a statement.

GDS, a unit of Shanghai-based GDS Holdings Ltd, is principally engaged in data centre services, information technology consultancy services and trading, import and export of data centre equipment. 

MN Holdings closed unchanged at 20.5 sen on Wednesday (Oct 19), valuing the group at RM81.8 million. Its initial public offering price was 21 sen.