KUALA LUMPUR (Aug 20): Automotive parts manufacturer MCE Holdings Bhd (KL:MCEHLDG) said it had secured contracts from Proton Holdings Bhd worth RM52.13 million to supply automotive electronic and mechatronic components.

The five-year contracts are expected to commence in the first financial quarter ending Oct 31, 2024 (1QFY2025), said MCE in an exchange filing on Tuesday.

As part of the job, MCE will be providing parts such as the front reading lamp, rear reflector, and pull cup handle assembly for Proton vehicles. The estimated total investment cost for the project is RM2.23 million.

"Winning this project through a competitive tender process against prominent local and regional contenders demonstrates that MCE meets the high standards set by leading automakers for quality and cost-efficient technology solutions," said MCE group managing director Dr Goh Kar Chun in a separate statement.

Besides clinching the new job from Proton, Goh updated that the group is on track to complete its new plant, the MCE Auto Hub, by early 2025.

"This facility will further boost our capabilities in designing and developing more sophisticated electronic components and systems, enabling us to meet the growing demand for next-generation vehicles locally and internationally," he added.

MCE is an original equipment manufacturer of automotive electronics and mechatronic parts for the Malaysian and regional markets, with plants in Johor Bahru and Port Klang.

Shares in MCE closed up three sen or 1.94% at RM1.58 on Tuesday, giving the group a market capitalisation of RM195.22 million.