Econpile bags RM45m job to undertake foundation works for Kuchai Sentral development

KUALA LUMPUR (Jan 10): Piling and foundation specialist Econpile Holdings Bhd has bagged an RM45 million contract to undertake piling and raft foundation works for Phase 2 of Kuchai Sentral mixed development in Taman Kuchai Jaya here in Kuala Lumpur.

The group's current orderbook stands at RM850 million, which would sustain its earnings over the next two years.

In a bourse filing yesterday, Econpile said its wholly-owned subsidiary Econpile (M) Sdn Bhd (EMSB) on Wednesday received a letter of award from Altimas Sdn Bhd for the proposed project.

The overall duration of the contract is 19 months and works are expected to commence next month.

"The contract is the main stream business of EMSB and is expected to contribute positively to the group's revenue and earnings for the financial year ending June 30, 2020," said Econpile.

Kuchai Sentral features a 39- and 43-storey mixed development comprising suite apartments with amenities, commercial space, podium and basement carparks.

In a separate statement, Econpile executive director and group chief executive officer Raymond Pang said mixed developments in choice locations in the Klang Valley remain as the preferred development type by customers, given their ability to meet various target markets.

"The group is exhibiting its competitiveness in a challenging sector and we hope to continue this momentum going forward," he added.

Shares in Econpile closed up half a sen at 72.5 sen apiece yesterday, valuing it at RM971.5 million.

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