KUALA LUMPUR (Aug 10): MN Holdings Bhd's (KL:MNHLDG) unincorporated joint-venture company with Pembinaan Tajri Sdn Bhd (PTSB) has secured a RM122.31 million contract from Tenaga Nasional Bhd (KL:TENAGA) to install a new underground power cable system between Tasek Gelugor and Bertam.

According to a statement on Monday, PTSB will lead the project, with MN Holdings’ wholly owned subsidiary — MN Utilities Engineering Sdn Bhd — handling 80% of the work and PTSB the remaining 20%. Both parties will jointly oversee the execution and completion.

The work includes engineering, design, supply and installation of the cable system, as well as associated works including obtaining permits and restoring affected surfaces and structures.

The contract took effect on Monday, Aug 10, and is expected to be completed within 450 days or about 15 months from the commencement date.

MN Holdings managing director Datuk Clement Toh in the statement said the contract strengthens the group's position in Malaysia's power transmission infrastructure, amid rising electricity demand and continued investment to improve grid reliability.

The group said the award also broadens its infrastructure project portfolio beyond the data centre segment, as it seeks opportunities across Malaysia's power, utilities and energy infrastructure sectors.

MN Holdings, which mainly provides services to power utilities, is also seeking to transfer its listing from the ACE Market to the Main Market after securing approval from the Securities Commission Malaysia in July. 

The group has benefitted from rising investment in Malaysia’s power infrastructure, including grid upgrades to support growing electricity demand from data centres, while also expanding into renewable energy projects.

Shares of MN Holdings closed up nine sen or 2.97% at RM3.12 on Monday, valuing the group at around RM2.09 billion.