KUALA LUMPUR (March 28): MN Holdings Bhd (KL:MNHLDG), an infrastructure utilities construction and engineering solutions firm, has secured a RM137.8 million contract from Tenaga Nasional Bhd (KL:TENAGA).

The contract awarded to MN Holdings’ wholly owned subsidiaries, MN Power Transmission Sdn Bhd and Mutu Nusantara Sdn Bhd, is the largest direct contract ever secured by the group from TNB.

The latest contract win brings MN Holdings’ order book to RM977.8 million.

The project is a new transmission main intake (PMU) 275 kilovolt (kV) Kenyir switching station gas insulated substation in Terengganu, according to a bourse filing on Friday.

MN Holdings will supply, install and commissioning the PMU, complete with relevant primary, secondary and all associated civil works. The project will span 730 days, with completion expected by March 2027. 

In a separate statement, MN Holdings executive director Datuk Dang Siong Diang said: "With Peninsular Malaysia’s power reserve margin projected to remain healthy at 28% to 36%, and electricity demand set to grow by 2.9% annually, driven by economic expansion and the rise of data centres, we see strong prospects for grid and infrastructure upgrades."

"Combined with initiatives such as the Large Scale Solar (LSS) programme, the New Enhanced Dispatch Arrangement (NEDA), and the Green Electricity Tariff (GET) 2025 — offering up to 6,600GWh of renewable energy for subscription — these developments present clear opportunities for MN Holdings to support Malaysia’s accelerating shift towards a low-carbon and sustainable energy future," he said. 

At Friday's midday break, shares of MN Holdings settled five sen or 4.8% higher at RM1.09, valuing the company at RM610.4 million. The counter has declined 12.8% this year.