Econpile wins RM68.8m piling job in Putrajaya

KUALA LUMPUR (March 9): Econpile Holdings Bhd has bagged an 18-month contract worth RM68.8 million involving piling, pilecap and basement works for the Terra Putrajaya Project in Precinct 3, Putrajaya.

The group announced the new job, secured by its wholly-owned Econpile (M) Sdn Bhd via a letter of award dated March 6 from Niaz Enterprises (M) Sdn Bhd, in a stock exchange filing yesterday.

Econpile expects the project to positively contribute to its revenue and earnings for the financial year ending June 30, 2019 (FY19).

In a separate statement, Econpile Executive Director and Group Chief Executive Officer (CEO) Raymond Pang said the contract now brings its wins to-date to RM575.5 million, as well as providing an increase of 21.6% from FY18’s total secured project value of RM473.4 million.

“We also boast a strong current order book of approximately RM950 million, which would provide earnings visibility over the next two years,” Pang said.

The Terra Putrajaya Project is a mixed-use development that includes a shopping mall, serviced apartments, facilities such as a basement and elevated parking.

Econpile shares closed 1 sen or 2.15% higher at 47.5 sen yesterday, after 29.1 million shares were traded. Its present value gives the group a market capitalisation of RM635.31 million. — theedgemarkets.com

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