Econpile bags RM95.5 mil job, bringing order book to RM630 mil

KUALA LUMPUR (Nov 25): Piling and foundation specialist Econpile Holdings Bhd has bagged a RM95.5 million contract for piling and related works for the Arte Mont’Kiara mixed development in Mont’Kiara here.

Arte Mont’Kiara features three towers of office suites and serviced residences.

In a statement yesterday, Econpile said its wholly-owned subsidiary Econpile (M) Sdn Bhd had been contracted by Nusmetro Property Sdn Bhd to undertake earthworks, piling, and basement construction works for the project.

Econpile executive director and group chief executive officer Raymond Pang said with this latest contract, the group’s total order book to date stands at RM630 million, which will be recognised until 2017.

“Works for Arte Mont’Kiara are expected to commence in early December 2015.

“The duration of the contract is 19 months and slated to be completed by June 2017. Hence, this contract is expected to contribute positively to the group’s financial performance for the financial years ending June 30, 2016 and 2017,” he said in the statement.

He added that presently, the group is near completion of substructure works for Arte+ in Jalan Ampang here, another project awarded by Nusmetro.

Econpile shares closed down one sen, or 0.93% to RM1.07 yesterday, with a market capitalisation of RM572.45 million.

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This article first appeared in The Edge Financial Daily, on Nov 25, 2015. Subscribe to The Edge Financial Daily here.