KUALA LUMPUR (June 23): Underground utilities and substation engineering specialist MN Holdings Bhd has bagged four new contracts for its substation engineering and underground utilities services and solutions business segments worth a combined RM27 million.

In a statement on Thursday (June 23), the firm said the first contract was secured by its unit MN Power Transmission Sdn Bhd to carry out design and construction works for the extension of two air insulated substations (2 x 45 MVA) in PMU 132/33kV Raub, Pahang for RM16.9 million.

It said the substation contract awarded by Tenaga Nasional Bhd is expected to be completed in December 2023.

Meanwhile, the other three contracts were awarded to Mutu Nusantara Sdn Bhd, another wholly-owned subsidiary of MN Holdings.

The company said Mutu Nusantara received a letter of award (LOA) from KL-Kepong Oleomas Sdn Bhd to provide horizontal directional drilling (HDD) construction work for RM4.3 million.

It said the contract, which is expected to be completed in March 2023, involves HDD construction work for the proposed SSU substation at Oleochemical KLK Factory in Klang, Selangor.

MN Holdings said Mutu Nusantara also received an award from Top Synthetic Rubber Sdn Bhd, a unit of Top Glove Corp Bhd, to provide HDD construction work for RM3.5 million.

The firm said that additionally, Mutu Nusantara received an LOA from Impiana Mahir Sdn Bhd, appointing it to be the subcontractor to provide HDD construction work for RM2.3 million.

MN Holdings executive director Datuk Clement Toh said with these new wins, MN Holdings has successfully increased its outstanding order book to approximately RM192 million.

He said the four contracts are expected to contribute positively to the revenue and earnings of the company for the financial year ending June 30, 2023 (FY23) and FY24 as well as to future earnings and net assets per share of the group during the duration of the contract.