PETALING JAYA: MN Holdings Bhd’s wholly owned subsidiary MN Utilities Engineering Sdn Bhd (MNUE), in an unincorporated joint venture with Pembinaan Tajri Sdn Bhd (PTSB), has secured a RM67.32 million contract from Tenaga Nasional Bhd (TNB) for the installation of new 275 kilovolt (kV) underground cable works in Penang.
MN Holdings said the contract, awarded via TNB’s letter dated Sept 4, involves the installation of a new 275kV reconfiguration underground cable from the LILO point to the Intel Electronic Malaysia switching station for the 275kV bulk supply to Intel Penang.
The contract is valued at RM67.32 million, inclusive of sales and service tax, according to a filing with Bursa Malaysia.
Under the joint venture arrangement, MNUE will undertake 80% of the works, while PTSB will take up the remaining 20%, although the parties may mutually agree to revise the proportions.
The scope includes engineering, design, supply and erection works for the new 275kV reconfiguration underground cable, as well as associated civil works, permits, reinstatement and restoration of surfaces and existing structures, and cleaning of work areas.
The contract is effective from Sept 4, 2026, with the works to be completed within 540 days from the commencement date.
MN Holdings said MNUE and PTSB will be jointly and severally responsible and liable for the contract and completion of the works.
The parties are also required to furnish a performance security of RM3.37 million, equivalent to 5% of the accepted contract amount, within 56 days from Sept 4.
MN Holdings said the contract is expected to contribute positively to its future earnings and net assets per share upon commencement.