ECONPILE Holdings Bhd has secured a contract worth RM21.4 mil from Allevia Sdn Bhd for foundation works for a condominium development with basement and podium car parks in Kuala Lumpur.
The contract was awarded to the group’s wholly owned subsidiary, Econpile (M) Sdn Bhd, with the letter dated June 30 and received July 14.
Econpile will be responsible for the earthworks, piling, pile caps, substructure, elevated road, and earthing system works for the condominium development, which will have a 44-storey and 40-storey development, according to a Bursa filing dated July 15.
The overall duration of the contract is approximately 14 months, and works are expected to start in July.
The contract is expected to contribute positively to Econpile’s revenue and earnings for the financial year ending June 30, 2021.
At the market closing, Econpile’s shares were last done at 62 sen, down 2.5 sen with 3.17 million shares traded. – July 15, 2020
