MN Holdings Bhd has terminated its partnership with a cybersecurity solutions company Intelligent Pie Consulting Sdn Bhd after the memorandum of understanding (MOU) it had entered into expired on Thursday. The MOU was aimed at securing tenders for operational technology cybersecurity projects.
KUALA LUMPUR (Feb 6): MN Holdings Bhd (KL:MNHLDG) said it has terminated its partnership with a cybersecurity solutions company aimed at securing tenders for operational technology cybersecurity projects.
The underground utilities and substation engineering provider said the memorandum of understanding (MOU) it had entered into with Intelligent Pie Consulting Sdn Bhd (IPIE) expired on Thursday, and it will not be extended.
“This is due to weak flow of tenders in the market segments specified in the MOU with no successful tenders secured up to date,” said MN Holdings in a bourse filing. “However, both parties will continue to explore potential business opportunities from time to time and remain open to future collaboration when market conditions improve.”
The MOU, signed in February 2023, had aimed at five market segments, namely Tenaga Nasional Bhd (KL:TENAGA), Sarawak Energy Bhd, Sabah Electricity Bhd, independent power plants, and solar and battery power plants.
MN Holdings’ shares closed down one sen or 0.94% at RM1.05 on Thursday, valuing the ACE Market company at RM583.17 million.
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