Econpile bags RM30 mil piling contract

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KUALA LUMPUR (Aug 16): Econpile Holdings Bhd has secured a contract worth RM30.1 million to undertake piling and sub-structure works for a development along Jalan Kia Peng.

The group said its wholly-owned subsidiary, Econpile (M) Sdn Bhd, received the letter of award from Richmore Development Sdn Bhd.

“The contract comprises bored piling and substructure works. Its overall duration is 13 months and 28 days,” Econpile said in a stock exchange filing.

The contract, which is the main business stream of the subsidiary, is expected to contribute positively to Econpile’s earnings for the financial year ending June 30, 2019, it added.

Shares in the group gained 3 sen or 3.26% to close at a two-month high of 95 sen today, leaving the group with a market capitalisation of RM1.28 billion.