Econpile wins RM30m substructure contract

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KUALA LUMPUR: Econpile Holdings Bhd has secured a RM30 million substructure works contract for a condominium development project in Kuala Lumpur from CRCC Malaysia Bhd. In a filing with Bursa Malaysia yesterday, the piling and foundation specialist said its wholly-owned subsidiary, Econpile (M) Sdn Bhd, received the letter of award from CRCC.

“The contract comprises bored piling, earthworks and basement substructure works of a condominium development project for a contract sum of approximately RM30 million,” said Econpile.

The duration of the contract is 14 months and the company is expected to complete the job in January 2016.

“The contract is the mainstream business of Econpile Holdings and is expected to contribute positively to the revenue and earnings of Econpile for the financial year ending June 30, 2015,” said the company.

Econpile’s share price closed the day yesterday at 96 sen, down 1.5 sen. Listed on June 30, 2014, the company has a market capitalisation of RM518.95 million.

 

This article first appeared in The Edge Financial Daily, on November 14, 2014.