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Econpile bags RM105m contract from WCT

KUALA LUMPUR (June 5): Piling and foundation specialist Econpile Holdings Bhd has bagged an RM104.5 million contract from WCT Bhd to undertake reinforced concrete works for a seven-storey retail podium of Pavilion Damansara Heights Phase 2 here.

The latest contract brings Econpile’s orderbook to RM780 million, which will keep it busy for the next two years.

In a bourse filing, Econpile said its wholly-owned subsidiary Econpile (M) Sdn Bhd (EMSB) had yesterday received a letter of award from WCT, which is the main contractor of the development, for the proposed job.

The overall duration of the contract is 17 months, commencing this month. It is expected to contribute positively to the group's revenue and earnings for the financial year ending June 30, 2020.

Prior to this, Econpile had secured contracts to undertake retaining wall, piling and basement works for Phases 1 and 2 of the Pavilion Damansara Heights.

In a separate statement, Econpile chief executive officer and executive director Raymond Pang said works for its ongoing undertakings in Pavilion Damansara Heights Phase 2 have gradually recommenced in line with the opening up of the construction sector during the Conditional Movement Control Order.

"Being a natural progression from our current basement works, we anticipate a seamless transition from that to the new reinforced concrete works for the podium block. Econpile’s same skilled teams of experienced carpenters, bar benders and ground workers who are carrying out the basement works will be moving upwards to above ground level to continue the same nature of work for the podium," he said.

Econpile shares closed down 3.13% or two sen at 62 sen today, valuing it at RM829.25 million. It saw 14.13 million shares traded.

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