Econpile awarded RM68.8m subcontract for Putrajaya project

08 Mar 2019 / 19:05 H.

PETALING JAYA: Econpile Holdings Bhd has clinched a RM68.8 million subcontract to undertake piling, pilecap and basement works for Terra mixed development in Precint 8, Putrajaya.

The contract from Niaz Enterprises (M) Sdn Bhd entails piling, pilecap and basement works for the planned integrated development with residential tower blocks, serviced apartments blocks, retail space, amongst others, according to the company’s filing with the stock exchange.

The overall duration of the contract is estimated to be 18 months, and is expected to contribute positively to Econpile in the financial years ending June 30, 2019 till 2021.

With the latest award, its new contract wins-to-date now stands at RM575.5 million.

“Despite being only nine months into our financial year, this is an increase of 21.6% from the total value of projects secured of RM473.4 million in FY2018. We also boast a strong current orderbook of approximately RM950 million, which would provide earnings visibility over the next two years,” said Econpile executive director and CEO Raymond Pang.

The stock gained 1 sen or 2.2% to close at 47.5 sen on 29.1 million shares done.

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