KUALA LUMPUR (Dec 24): Shares in Econpile Holdings Bhd slipped 1.95% this morning after its unit Econpile Sdn Bhd was served a countersuit of RM346 million by Maju Holdings Sdn Bhd’s ASM Development (KL) Sdn Bhd (ASMDKL) for the failure to carry out work for at the latter’s Maju Kuala Lumpur project.

At 9.10am, Econpile shed 1.5 sen to 75.5 sen, valuing it at RM1.01 billion.

ASMDKL is alleging that Econpile failed to carry out piling works for the project worth RM280 million and declared self-determination in early March this year — listing 13 claims and damages following Econpile’s failure to complete the project.

Econpile initially claimed in March that ASMDKL failed to issue relevant interim certificates for progress claims amounting to RM80.1 million.