KUALA LUMPUR (April 17): MN Holdings Bhd (KL:MNHLDG) said on Friday it has secured a RM275.9 million contract to undertake electrical infrastructure works for a data centre project.
The contract was awarded to its wholly-owned unit, MN Utilities Engineering Sdn Bhd, the infrastructure utilities construction and engineering solutions company said in a bourse filing.
The job involves the design, supply and maintenance of a 275 kilovolt (kV) consumer landing station for a data centre located in the central region of Peninsular Malaysia.
The client's identity was not disclosed, with MN Holdings only stating that it is a Malaysia-based company involved in data hosting and processing infrastructure.
The works are expected to be carried out in phases and completed by June 30, 2027.
This marks MN Holdings’ second contract win in April. On April 2, another unit, MN Power Transmission Sdn Bhd, secured a RM128 million contract for the construction of a 275kV consumer landing station for a data centre in the central region.
With the latest win, MN Holdings’ data centre-related order book secured this year has risen to RM988 million.
According to AskEdge data, MN Holdings is currently trading at a trailing price-earnings (P/E) ratio of 17.4 times, lower than most of its peers, including UUE Holdings Bhd (KL:UUE) at 70.8 times, Kinergy Advancement Bhd (KL:KINERGY) at 27.8 times, Jati Tinggi Group Bhd (KL:JTGROUP) at 23.7 times and CBH Engineering Holdings Bhd (KL:CBHB) at 23.9 times.
Shares of MN Holdings closed three sen or 1.5% higher at RM2.01 on Friday, giving the company a market capitalisation of RM1.33 billion. The stock has gained nearly 22% year to date.