KUALA LUMPUR (Feb 7): MN Holdings Bhd’s wholly owned subsidiary MN Power Transmission Sdn Bhd has entered into a memorandum of understanding (MOU) with end-to-end cybersecurity solutions provider Intelligent Pie Consulting Sdn Bhd (IPIE) for collaboration in conducting potential operational technology (OT) cybersecurity projects in Malaysia.
The collaboration with IPIE will aim at five market segments that includes Tenaga Nasional Bhd and its subsidiaries, Sarawak Energy Bhd, Sabah Electricity Bhd, Sabah Electricity Bhd, Independent Power Plant, and Solar & Battery Power Plant, said the underground utilities and substation engineering specialist in a filing on Tuesday (Feb 7).
MN also stated that in the event that MN Power Transmission is awarded with contracts for the engineering, procurement, and construction & commissioning (EPCC) works, IPIE shall be given the first right of refusal on the OT cybersecurity technology works.
The MOU comes into force on the date of its execution and expires if the tender work order by MN Power Transmission and IPIE is not accepted by the market segments, or within two years from the date of the MOU. The MOU will expire should both parties agree to terminate it.
The company pointed out that the agreement is not expected to have any effect on the issued share capital and substantial shareholders’ shareholdings of the company, as it does not involve the issuance of any new ordinary shares of the company.
At market close on Tuesday, MN’s share price rose to one sen or 4.29% at 36 sen. Its market capitalisation stood at RM149.19 million.