Econpile bags RM48m job from MRCB

KUALA LUMPUR (Oct 6): Piling and foundation specialist Econpile Holdings Bhd has bagged a RM48 million contract from Malaysian Resources Corp Bhd (MRCB) for its 9 Seputeh mixed development project at Old Klang Road.

The contract entails piling and basement works for three residential blocks, a commercial area, and a two-storey basement car park, and represents the group's first job to be done for MRCB, said Econpile in a statement.

With this new contract, Econpile's current orderbook stands at RM1.2 billion, which is estimated to be recognised over the next two years.

"We are heartened that an established property developer the likes of MRCB has entrusted us to take on this major undertaking, which validates our technical expertise to ably support high-rise buildings," said Econpile executive director and chief executive officer Raymond Pang.

"We believe that continuously adding reputable property names in our clientele would position us favourably in reinforcing our niche in providing specialised piling services, even in the challenging property sector," Pang said.

Econpile expects the project to be completed in about 18 months and to contribute to the group in the financial year ending June 30, 2018 (FY18) and FY19.

Econpile's share price rose nine sen or 3% to close at RM3.12, valuing the group at RM1.67 billion. — theedgemarkets.com

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