KUALA LUMPUR (July 20): MN Holdings Bhd (Kl:MNHLDG) has obtained approval from the securities regulator for the engineering services firm’s proposed transfer to the Main Market.

The approval from the Securities Commission Malaysia (SC) was granted in a letter dated July 16, though the proposed transfer is still subject to the company meeting the rest of the regulatory requirements and approvals, MN Holdings said in a statement on Monday.

No timeline was provided, though an approval from the SC is valid for six months.

Shares of MN Holdings, which mainly provides services to power utilities, have surged more than 74% this year to new all-time highs thanks to major grid upgrades to cope with a wave of energy-hungry data centres mushrooming in Malaysia.

Beyond data centre-related projects, MN Holdings secured a solar farm project worth RM46.6 million earlier this month and an extension of works worth RM19.1 million from Tenaga Nasional Bhd (KL:TENAGA) for the Masjid Tanah transmission main intake project in June.

If successful, the transfer would boost its corporate profile, strengthen investor confidence, and improve the company visibility among institutional and retail investors, MN Holdings said.

“More importantly, it places MN Holdings in a stronger position to capture opportunities arising from Malaysia’s continued investment in power infrastructure, data centres, renewable energy, water, gas and utilities-related developments,” said managing director Datuk Clement Toh.