Econpile bags RM348m job in Cambodia

KUALA LUMPUR (Dec 15): Piling and foundation specialist Econpile Holdings Bhd has bagged an US$85.7 million (RM347.6 million) contract to undertake piling and substructure works for an integrated entertainment complex in Phnom Penh, Cambodia.

In a bourse filing, the group said its wholly-owned subsidiary Econpile (M) Sdn Bhd was awarded the contract yesterday by MCC International Inc Ltd.

The project will be completed within 30 months from the date of commencement and is expected to contribute positively to the group's revenue and earnings for the financial year ending June 30, 2021 (FY21) onwards.

“There are no foreseeable significant risks other than the operational risk associated with the project during the contract period. The management would put in place control measures and operational procedures to reduce the impact or likelihood of such events," it added.

Shares in Econpile were up 0.91% or half a sen at 55.5 sen in morning trade, valuing it at RM742.31 million. It saw 6 million shares traded.

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