KUALA LUMPUR (April 2): MN Holdings Bhd (KL:MNHLDG) has secured a RM128 million contract for the construction of a 275 kilovolt (kV) consumer landing station (CLS) for a data centre located in the central region of Peninsular Malaysia.
The contract was awarded to its wholly-owned subsidiary MN Power Transmission Sdn Bhd by a customer that provides infrastructure for hosting, data processing services and related activities.
The scope of work includes the construction, supply, installation, testing and commissioning of the CLS, including the building works and related external works, the infrastructure utilities construction and engineering solutions firm said in a bourse filing.
The contract began on Feb 10, 2026 and is expected to finish by Dec 17, 2026.
MN Holdings has secured RM720 million in new contracts in the financial year to date, which exceeded expectations, prior to this latest contract.
According to AskEdge data, MN Holdings currently trades at a 15.7 times trailing price-earnings (P/E) ratio, significantly below most of its peers, such as UUE Holdings Bhd’s (KL:UUE) P/E ratio of 60.7 times, Kinergy Advancement Bhd’s (KL:KINERGY) 27.8 times, Jati Tinggi Group Bhd’s (KL:JTGROUP) 25 times and CBH Engineering Holdings Bhd’s (KL:CBHB) 19.8 times.
On Thursday, shares of MN Holdings settled four sen or 2.23% lower at RM1.75, valuing the company at RM1.16 billion. The counter has surged 62% over the past one year.