MNHB bags contracts worth RM32.5mil

MN Holdings Bhd managing director Loy Siong Hay

KUALA LUMPUR: ACE Market-bound MN Holdings Bhd (MNHB) has secured RM32.5mil worth of underground utilities and substation engineering services and solutions contracts in Selangor and Johor.

In a statement, MNHB said said its wholly-owned subsidiary Mutu Nusantara Sdn Bhd had received a letter of award from Syarikat Pembenaan Yeoh Tiong Lay Sdn Bhd, appointing it to be the sub-contractor to provide horizontal directional drilling (HDD) construction works for RM7.8mil.

The contract involves the supply, delivery, installation, test, commission and handover of HDD construction works for the proposed two-storey ramp-up warehouse in Kapar, Klang.

Separately, MNHB said MN Power Transmission Sdn Bhd (MN Power) received two letters of awards from Syarikat Mohamad Salin Sdn Bhd, appointing it to be the sub-contractor for both contracts.

Under the substation contract, MN Power will carry out design works and drawing submission for the extension of a main substation in Johor for a contract sum of RM16.7mil.

The third contract worth RM8mil will see MN Power undertake asset replacement and refurbishment for primary and combined equipment at a substation in Johor.

MNHB managing director Loy Siong Hay said: “These awards are a testament to our proven track record and ability to secure sizeable contracts from our clients. We will continue to leverage on our core expertise to secure new projects.”

Meanwhile, MNHB reported a net profit of RM2.5mil in 2QFY21 on revenue of RM26.1mil.

For the cumulative six months ended Dec 31, 2021 (1HFY21), MNHB achieved a net profit of RM4.8mil on revenue of RM49.8mil.

Under the listing exercise, MNHB expects to raise RM17.2mil from its public issue of 81.8 million new shares at an issue price of 21 sen per share.

The listing also includes an offer for sale of 40.9 million existing shares to selected investors by way of private placement.

Based on the enlarged share capital of 408.75 million shares, MNHB is expected to have a market capitalisation of RM85.84mil.