Econpile surges 7.46% on bagging RM570.4 mil job

KUALA LUMPUR (Feb 23): Econpile Holdings Bhd shares surged 7.46% this morning after it clinched its single-largest contract to date, worth RM570.4 million, for works at the Pavilion Damansara Heights development here.

At 9.17am, Econpile rose 15 sen to RM2.16 with 670,900 shares traded.

The contract, which would see it undertake piling and basement substructure works for the mixed project, was awarded to its wholly-owned unit Econpile (M) Sdn Bhd on Feb 21, from Domain Resources Sdn Bhd. The contract is for a duration of 28 months.

With the new contract, its order book is now at a record-high of RM1.4 billion, to be recognised over the next two years. — theedgemarkets.com

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