MN Holdings Bhd unit, MN Power Transmission Sdn Bhd, has entered into a two-year memorandum of understanding with China State Construction Engineering (M) Sdn Bhd to explore collaborations in power industry projects, including data centre, solar and independent power plant sectors.

KUALA LUMPUR (Aug 7): MN Holdings Bhd (KL:MNHLDG) has partnered with a unit of China’s largest construction and real estate conglomerate to explore collaborations in power industry projects, including data centre, solar and independent power plant sectors.

In a bourse filing on Wednesday, the utilities infrastructure service provider said its wholly owned subsidiary, MN Power Transmission Sdn Bhd, has entered into a two-year memorandum of understanding (MOU) with China State Construction Engineering (M) Sdn Bhd (CSCEM).

CSCEM is a unit of Beijing-based China State Construction Engineering Corp, which is known for its urban planning and landmark projects globally.

The MOU outlines the joint exploration and undertaking of projects in the power industry across Malaysia and other Asean countries. The parties will take necessary steps to identify and secure these projects, with a separate definitive agreement to be executed if any projects are secured.

"The MOU will enhance the company’s reputation for managing comprehensive power industry projects," MN Holdings said, adding that it is expected to positively contribute to growth and enable the company to explore more opportunities in local and Asean markets.

Shares of MN Holdings gained 7.5 sen or 8.88% to close at 92 sen on Wednesday, giving the company a market capitalisation of RM436.9 million. Year-to-date, the stock has increased by 73.6%.