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- The project will commence on Oct 1 with practical completion targeted for April 30, 2027.
KUALA LUMPUR (Sept 9): Piling company Econpile Holdings Bhd (KL:ECONBHD) on Monday secured a RM53.99 million subcontract from Gamuda Bhd (KL:GAMUDA) in relation to the LRT Mutiara Line project in Penang.
Econpile will undertake bored piling construction and associated works for the Komtar-East Jelutong stretch of the LRT line, according to its filing with Bursa Malaysia. The job was awarded to its wholly owned subsidiary Econpile (M) Sdn Bhd by Gamuda’s unit Gamuda Geo Sdn Bhd.
The project will commence on Oct 1 with practical completion targeted for April 30, 2027. Econpile expects the contract to contribute positively to its revenue and earnings from the financial year ending June 30, 2026 onwards.
The 29.5km LRT Mutiara Line will feature 21 stations, linking Penang Island to the mainland. In January, the government awarded the first of three work packages—covering a 24km stretch from Komtar to Island A of the Penang South Reclamation project with 19 stations—to the SRS Consortium.
The consortium is led by Gamuda (60% stake), alongside Loh Phoy Yen Holdings Sdn Bhd and Ideal Property Development Sdn Bhd (20% each).
Shares in Econpile climbed 2 sen or 5% higher at 42 sen on Tuesday late morning, giving the company a market capitalisation of RM573.91 million. The stock remains down nearly 15% year to date.
As Penang girds itself towards the last lap of its Penang2030 vision, check out how the residential segment is keeping pace in EdgeProp’s special report: PENANG Investing Towards 2030.
