Econpile secures RM32.8m piling contract

KUALA LUMPUR (Dec 18): Econpile Holdings Bhd has secured a RM32.8 million contract to undertake piling and related works for a mixed development in Kuala Lumpur.

In a stock exchange filing, Econpile said the contract was awarded to its subsidiary Econpile (M) Sdn Bhd by Majestic Maxim Sdn Bhd.

The subsidiary will undertake bored piling, pilecaps and substructure works for four 37-storey blocks of apartments, an eight-storey podium for retail and office space, as well as car park.

The duration of the contract is about 10 months.

Econpile said the contract is expected to contribute positively to its revenue and earnings for the financial year ending June 30, 2018.

Econpile's share price rose five sen or 1.61% to close at RM3.16 with some 568,500 shares traded, valuing the company at RM1.69 billion. Year to date, the counter has surged about 75.9%. — theedgemarkets.com

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