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Thursday, June 18, 2015

RM50mil contract for Econpile

PETALING JAYA: Piling and foundation contractor Econpile Holdings Bhd has won an RM49.9mil contract from Ahmad Zaki Resources Bhd to build substructure and basement works for a proposed hotel and office development along Jalan Sultan Ismail in Kuala Lumpur.
The company said in a filing with Bursa Malaysia that the works were expected to be ready by next September and would contribute positively to its current and next year’s income.
The company has been one of the few listings in the past year that has seen its share price perform despite the pressure on the market.
The counter closed slightly lower yesterday but is still up from its initial public offering (IPO) price of 54 sen last June.
Part of the reason for interest in the counter has been the steady flow of work the company has secured since its listing. Econpile won nine contracts that were announced progressively following the company’s IPO.

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