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Econpile bags RM64.5m serviced apartment job

By Cynthia Blemin of
Tuesday, 05 August 2014 12:55 Bookmark and Share

KUALA LUMPUR: Just days after securing a multimillion ringgit contract, Econpile Holdings Bhd announced yesterday that it had secured a RM64.5 million contract to undertake earthworks for a substructure of a serviced apartment project in Jalan Robson, off Jalan Syed Putra here.

In a note to Bursa Malaysia, it said it had received a letter of award from Instant Bonus Development Sdn Bhd on Aug 1, 2014, to undertake the earthworks, piling and structure works for the basement and elevated car park of the serviced apartment project.

“The duration of the contract is 16 months and it is expected to commence on Aug 26,” it said.

Econpile said the contract is expected to contribute positively to the revenue and earnings of its financial years ending June 30, 2015 and 2016.

Econpile announced on Aug 1 that it had secured a RM23 million contract from I-Marcom Sdn Bhd to undertake the earthworks, piling, contiguous bored pile walling and basement substructure works of a mixed residential and commercial property project at Lot 242, Seksyen 63, Kuala Lumpur.

The piling and foundation specialist said the contract from I-Marcom was for 13 months and work was expected to start on Aug 15, 2014. The stock has gained as much as 85.2% or 46 sen to its initial public offering price of 54 sen on June 27, 2014. The stock closed 25 sen higher or 2.56% to RM1 yesterday.

This article first appeared in The Edge Financial Daily, on August 5, 2014.

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