Econpile bags RM48.5m contract for mixed development

KUALA LUMPUR (May 22): Econpile Holdings Bhd has bagged a RM48.5 million contract for piling, basement and substructure works in the first phase of a mixed development from Pembinaan Kery Sdn Bhd.

The first phase of the mixed development comprises a 33-storey office space above an eight-storey podium, with basement works slated to be completed in approximately fifteen months, Econpile said in a statement today.

The project is by Pelaburan Hartanah Bhd and occupies a site that once housed the office of the Kuala Lumpur Regional Centre for Arbitration.

"This new contract win cements our competitive advantage in undertaking works for high-rise buildings within mixed-development projects, which enable us to continue increasing our market share despite the challenging property sector," said group chief executive officer Raymond Pang.

The contract will boost Econpile's order book to RM1.4 billion, with earnings visibility over the next two to three years, the group said.

Shares in Econpile dropped four sen to RM2.42 after hitting an all-time high of RM2.46 last Friday. A total of 1.26 million shares had changed hands, with a market capitalisation of nearly RM1.3 billion. — theedgemarkets.com

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