<div class=newsTextDataWrapInner><p>KUALA LUMPUR (Dec 6): Underground utilities and substation engineering specialist MN Holdings Bhd has secured a RM43.5 million contract from Tenaga Nasional Bhd (TNB) to replace parts of a substation in Penang.</p></div>

<div class=newsTextDataWrapInner><p>MN Holdings said its wholly owned subsidiary MN Power Transmission Sdn Bhd and joint venture (JV) partner Zafas Sdn Bhd have been appointed by TNB as the main contractors of the gas-insulated substation in situ replacement project.</p></div>

<div class=newsTextDataWrapInner><p>"The contract is expected to be completed in 790 days from the commencement date (Dec 5)," MN Holdings said in a filing.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>The JV company — owned 90% by MN Power and 10% by Zafas — will undertake the dismantling, replacement and commissioning of primary and secondary equipment, and power cables of the gas-insulated substation in Bayan Baru.</p></div>

<div class=newsTextDataWrapInner><p>In a separate statement, MN Holdings executive director Dang Siong Diang said that with the latest contract win, the company's outstanding order book stands at RM328.34 million.</p></div>

<div class=newsTextDataWrapInner><p>"The contract is expected to contribute positively to the revenues and earnings of the company for the financial year ending June 30, 2023 (FY2023), FY2024, and FY2025," he said.</p></div>

<div class=newsTextDataWrapInner><p>Shares in MN Holdings ended one sen or 4.35% higher at 24 sen on Tuesday (Dec 6), giving the company a market capitalisation of RM98.1 million.</p></div>


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