MN HOLDINGS BERHAD (0245.KL)

About MN HOLDINGS BERHAD

Company Description

MN Holdings Berhad is a Malaysia-based underground utilities and substation engineering specialist established in 2007 via its subsidiary MN Utilities Engineering, with MN Power Transmission formed in 2012. Listed on the ACE Market of Bursa Malaysia in April 2022, the Group provides end-to-end engineering solutions across the power, gas, telecommunications, and sewerage sectors. It serves major government-linked companies, property developers, and data centre operators across Peninsular Malaysia and is expanding into East Malaysia.

Business Model

The company operates through two main segments: Underground Utility Engineering (UUE) and Substation Engineering. UUE undertakes the full cycle of underground utilities works using open-trench and trenchless technologies for power, gas, and sewerage networks. Substation Engineering provides EPCC services for high-voltage substations ranging from 33kV to 275kV for both public utilities like TNB and private clients like hyperscale data centres. Revenue is generated through project-based EPCC contracts, with key advantages including TNB-licensed status, G7 contractor certification, established relationships with hyperscale data centre clients, and the ability to secure critical equipment like 275kV transformers on shorter lead times.

Revenue Segment

For FY2025, the revenue breakdown by segment was Substation Engineering at 66.7% and Underground Utilities Engineering at 33.3%.

Geographic Segment

The reports do not explicitly provide a percentage breakdown of revenue by geography, only noting operations across Peninsular Malaysia and expansion into Sarawak (East Malaysia). Consequently, specific geographic percentage breakdowns cannot be provided.

Top Client

Key clients include Tenaga Nasional Berhad (TNB), Customer A (identified as a data infrastructure services provider/GDS Services), Bridge Data Centres, DC-Science, Gamuda, Samaiden, and Sunview.

Operational Scale

As of April 2026, the company's outstanding order book reached a record high of approximately RM1.75 billion, representing 3.2 times FY2025 revenue. The company targets an annual order book replenishment of RM1.2 billion to RM1.25 billion for FY2026. It holds an active tender book of RM2.9 billion to RM3.2 billion, mainly driven by TNB and data centre segments.

Associate Companies

The reports list subsidiaries MN Utilities Engineering Sdn Bhd (MNUE) and MN Power Transmission Sdn Bhd (MNPT), supported by MNS, MNOG, and MS Semantra S/B, but do not mention any associates, joint ventures, or strategic partners with specific ownership percentages.

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