Ekovest bags RM157.25 mil beautification job from DBKL

KUALA LUMPUR (Nov 9): Ekovest Bhd has bagged an RM157.25 million contract from Kuala Lumpur City Hall (DBKL) to undertake improvement and beautification works here.

In a statement yesterday, Ekovest managing director Datuk Seri Lim Keng Cheng said with the latest contract, the group’s total outstanding construction order book now stands at RM5.7 billion.

In a separate filing with Bursa Malaysia, Ekovest said its wholly-owned subsidiary EkoRiver Construction Sdn Bhd yesterday received a letter of acceptance from DBKL for two work packages — Package 1C which stretches from Dataran Merdeka and Jalan Tun Perak to Jalan Tun Tan Cheng Lock, and Package 1D which covers Masjid India.

The contract also includes the construction of an interceptor system and related works to improve river water quality, including the water treatment system along Sungai Gombak and Sungai Klang under the River of Life project.

Ekovest said the completion period for the works is 104 weeks.

“The works are expected to contribute positively to the future revenue and earnings of Ekovest Group,” it added.

Trading in Ekovest shares has been suspended since Monday and will resume today. Prior to the suspension, Ekovest’s share price closed 0.4% lower at RM2.25, giving it a market capitalisation of RM1.93 billion.

This article first appeared in The Edge Financial Daily, on Nov 9, 2016. Subscribe to The Edge Financial Daily here.