Econpile bags RM45m MRT2 job

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KUALA LUMPUR (March 20): Econpile Holdings Bhd has secured a RM44.7 million contract from MMC Gamuda KVMRT (UGW) joint venture to design and build the reinforced concrete box tunnel works for the Hospital Kuala Lumpur Station under the Mass Rapid Transit Sungai Buloh-Serdang-Putrajaya (SSP) Line (MRT 2).

In a filing with Bursa Malaysia, Econpile said its wholly-owned subsidiary Econpile (M) Sdn Bhd (EMSB) had on March 19, 2019, received a sub-contract agreement from the MMC Gamuda KVMRT (UGW) joint venture.

The contract, for 25 months, is expected to contribute positively to the group in the financial year ending June 30 2019 (FY2019) to 2021.

“This RM44.7 million contract represents Econpile’s second undertaking for an underground station for KVMRT2 project. The earlier-secured contract was for piling works for Kampung Baru North station,” said its group chief executive officer Raymond Pang in a press statement.

Econpile has now secured RM620.2 million in new contract wins year-to-date, for the financial year ending June 30, 2019 (FY19), to be recognized in the coming two years.

“Our current orderbook of approximately RM1 billion, comprises a healthy mix of property development and public infrastructure projects, cementing our reputation in supporting the nation’s ongoing developments,” Pang added. 

Shares of Econpile rose 3.26% or 1.5 sen to close at 47.5 sen, giving it a market capitalisation of RM635.31 million. The counter was heavily traded today, with some 18.81 million shares exchanging hands.