KWAP ceases to be substantial shareholder in Econpile
KWAP’s stake in Econpile dropped to below the 5% threshold necessary to be deemed a substantial shareholder after it sold 2.
KWAP’s stake in Econpile dropped to below the 5% threshold necessary to be deemed a substantial shareholder after it sold 2.
As of the end of March, Econpile had 19 ongoing projects with an order book of about RM400 million.
“Overall collection has also improved significantly over the past few months.
In a technical tracker note on Friday, the research house, which has a “trading buy” rating on Econpile, said construction activities are poised for sustained growth in 2024, with the Ministry of Finance forecasting a 6.
On Thursday, Econpile announced that it had been awarded earthworks contract worth RM83 million from BRDB Developments Sdn Bhd.
The sub-contract works are for the proposed development of 146 units of villa residences, including common facilities and club house in Taman Duta, Bukit Tunku, Kuala Lumpur.
In a filing with Bursa Malaysia on Wednesday, the construction company said the contract, awarded by Chingsan Development Sdn Bhd, is expected to contribute positively to its revenue and earnings from the financial year ending June 30, 2024 onwards.
The arbitration shall be conducted and administered by the Asian International Arbitration Centre (AIAC) with the seat of arbitration in Kuala Lumpur, Econpile said.
“The project is expected to contribute positively to the revenue and earnings of the company from the financial year ending June 30, 2024 onwards.
The substructure works are for two blocks of 47-storey serviced apartments comprising 453 units, with existing commercial development comprising a five-storey retail mall and two levels of basement parking.