Econpile bags RM208 mil works contract

KUALA LUMPUR (June 3): Econpile Holdings Bhd has bagged a RM208 million contract to undertake bored piling and pile caps, diaphragm walls and earthworks, as well as foundation and substructure works for a mixed commercial development in Jalan Ampang here.

In a statement yesterday, Econpile said its wholly-owned subsidiary Econpile (M) Sdn Bhd (EMSB) had received a letter of award dated May 31 from Oxley Rising Sdn Bhd for the proposed project, which features hotels, branded residences, offices and retail units.

The overall duration of the contract is 26 months.

“The contract is the mainstream business of EMSB, and is expected to contribute positively to the revenue and earnings of Econpile for the financial year ending June 30, 2017,” Econpile added.

Econpile shares closed five sen or 3.82% higher at RM1.36 yesterday, with a market capitalisation of RM722.25 million.

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This article first appeared in The Edge Financial Daily, on June 3, 2016. Subscribe to The Edge Financial Daily here.

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