Underground utilities and substation engineering specialist MN Holdings Berhad and its joint venture partner Zafas Sdn Bhd have secured a contract worth RM43.5 million from Tenaga Nasional Berhad.
The Company’s wholly-owned subsidiary MN Power Transmission Sdn Bhd and Zafas had accepted the Letter of Award from TNB, appointing them to be the main contractor for the gas-insulated substation in-situ replacement project. Under the contract, MN Power and Zafas will undertake the dismantling, replacement, and commissioning of primary and secondary equipment, and the power cable of gas insulated substation at PMU132kv Bayan Baru, Penang.
Mr Dang Siong Diang, Executive Director of MNHB said: “Inclusive of this contract, MNHB has successfully increased its outstanding order book to approximately RM328.34 million, which will provide a healthy earnings visibility for the next three years.” The contract is expected to contribute positively to the revenue and earnings of the Company for the financial years ending (FYE) 30 June 2023, FYE2024 and FYE2025.
The contract is expected to be completed in 790 days from the commencement date.