Master Tec Group Berhad (“Master Tec” or the “Group”), a premier player in the manufacturing and distribution of power, control and instrumentation cables, is pleased to announce that its wholly-owned subsidiary, Master Tec Wire & Cable Sdn. Bhd. (“MTWCSB”), has secured a Letter of Award from Tenaga Nasional Berhad (“TNB”) for the supply and delivery of underground cables and conductors for TNB’s Distribution Network Division. The contract, valued at RM107.75 million, has a duration of one year, with an option to extend for another year.
The successful win of this contract underscores Master Tec’s strong industry reputation and expertise in supplying high-quality power cables for critical infrastructure projects. As Malaysia’s energy demand continues to rise, primarily driven by industrial expansion, data centre growth, and increased commercial activities, reliable power distribution remains a national priority.
Mr. Tee Kok Hwa, Chief Executive Officer of Master Tec Group commented, “We are honoured to be entrusted by TNB for this significant contract, reinforcing our role as a key partner in Malaysia’s power infrastructure sector. This award not only validates our technical expertise but also highlights our commitment to delivering quality and reliability in power cable solutions. As the nation progresses toward its energy transition goals, we remain focused on expanding our capabilities to support Malaysia’s evolving electricity needs while driving long-term sustainable growth for our shareholders.”
Looking ahead, Master Tec is well-positioned to leverage Malaysia’s infrastructure-focused Budget 2025, which has allocated RM16 billion for upgrading the national grid and RM300 million for the National Energy Transition Facility (“NETR”) to drive energy efficiency and sustainability. As outlined in its Prospectus dated 28 December 2023, Malaysia’s ex-factory sales of wires and cables are projected to increase from RM9.61 billion in 2022 to RM11.21 billion by 2025, representing a compound annual growth rate (CAGR) of 5.25%. This positive industry outlook, combined with supportive government initiatives, aligns with Master Tec’s commitment to strengthening its position in the low- and medium-voltage cable market. Additionally, the strategic acquisition of Sediacom Sdn. Bhd. is set to further enhance the Group’s capabilities, allowing it to capture emerging opportunities in the power infrastructure sector and drive long-term growth.
As at 5:00 P.M., 14 February 2025, Master Tec’s share price closed at RM1.030, reflecting a market capitalisation of RM1.05 billion.
