KUALA LUMPUR (Dec 10): MN Holdings Bhd (KL:MNHLDG) said on Tuesday it was awarded a contract worth RM162.59 million to build a high-voltage main switching station for a data centre project in Malaysia.

The announcement lifted shares of the underground utilities engineering company to a new record high since its listing in April 2022. MN Holdings rose as much as eight sen or 7.5% to RM1.15 on Bursa Malaysia.

The contract from an undisclosed client will begin immediately, and the target is for completion by July 2025, MN Holdings said in an exchange filing. The scope covers all labour, material, plant, machinery and equipment, as well as other works to complete the contract, it noted.

"We will continue to leverage our deep experience in the underground utilities and substation engineering segment to secure more projects from the data centre segment moving forward," said MN Holdings executive director Datuk Loy Siong Hay.

Including the latest contract win, MN Holdings has increased its order book to about RM763.7 million, providing earnings visibility for the next two years.

The client could not be identified due to a non-disclosure agreement signed, MN Holdings said, but noted that it is mainly involved in infrastructure for hosting, data processing services and related activities, wholesale of a variety of goods, and computer facilities management activities.

At 4.35pm, the stock was trading at RM1.13, giving the company a market capitalisation of RM551 million, after over eight million shares changed hands. Year to date, its share price has more than doubled.