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Tuesday, November 24, 2015

Econpile bags RM95.5m job, bringing order book to RM630m

KUALA LUMPUR (Nov 24): Piling and foundation specialist Econpile Holdings Bhd ( Valuation: N/A, Fundamental: N/A) has bagged a RM95.5 million contract for piling and related works for the Arte Mont Kiara mixed development in Mont Kiara here.

Arte Mont Kiara features three towers of office suites and serviced residences.

In a statement today, Econpile said its wholly-owned subsidiary Econpile (M) Sdn Bhd has been contracted by Nusmetro Property Sdn Bhd to undertake earthworks, piling, and basement construction works for the project.

Econpile executive director and group chief executive officer Raymond Pang said that with this latest contract, the group’s total order book to-date stands at RM630 million, which will be recognised till 2017.

"Works for Arte Mont Kiara are expected to commence in early December 2015.

"The duration of the contract is 19 months and slated to be completed by June 2017. Hence, this contract is expected to contribute positively to the group’s financial performance for the financial years ending June 30, 2016 and 2017," he said in the statement.

He added that presently, the group is near completion of substructure works for Arte+ at Jalan Ampang here, another project awarded by Nusmetro.

Econpile shares closed down one sen or 0.93% at RM1.07 today, giving it a market capitalisation of RM572.45 million.

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