KUALA LUMPUR (Jan 7): Directors of MN Holdings Bhd (KL:MNHLDG) trim their stake as the share price has surged to a record high recently. 

The company’s managing director Datuk Toh Eng Keat, plus two executive directors Datuk Loy Siong Hay and Datuk Dang Siong Diang, have collectively sold 18 million shares, equivalent to a 3.73% stake, to institutional funds via a direct business deal, according to the company’s bourse filing. 

The shares changed hands at RM1.13 per share. Its share price hit a record high of RM1.29 last Friday (Jan 3). The stock, which closed at RM1.26 on Tuesday, has more than doubled over the past 12 months, rallying from the low of 55 sen. Its market capitalisation swelled to RM644.98 million based on the closing price of RM1.26.  

The filings show Toh sold 7.5 million shares but he is still left with 90.79 million shares or 17.64% in the company. Loy and Dang sold 6.5 million and four million shares, respectively. Loy still holds 14.3% while Dang has a 6.24% stake in the company.

As of Dec 10, MN Holdings’ order book rose to a record high of RM763.7 million, providing earnings visibility for the next two years.

During its first quarter ended Sept 30, 2024 (1QFY2025), the underground utilities and substation engineering specialist’s net profit jumped 70.6% year-on-year (y-o-y) to RM7.08 million from RM4.15 million. Its quarterly revenue surged 87% y-o-y to RM103.1 million from RM55.15 million.

During the quarter under review, the utilities engineering segment contributed 52.4% of its total revenue while the substation engineering segment contributed 47.6%.