Quick take: Econpile shares gain on contract win

KUALA LUMPUR: Shares of Econpile Holdings Bhd gained on Tuesday after the company announced a RM104.5mil contract win.

The piling and foundation specialist rose 3.23%, or two sen to 64 sen with 1.19 million shares traded. Econpile-WA added 4.35%, or 0.5 sen to 12 sen.

Econpile has secured a RM104.5mil contract to undertake reinforced concrete works for the seven-storey retail podium of Pavilion Damansara Heights Phase 2.

The contract was awarded by WCT Bhd, the main contractor of the development. The contract is for the retail podium under Parcel 2 of the superstructure works for the Pavilion Damansara Heights mixed development at Jalan Damanlela in Kuala Lumpur.

The duration of the sub-contract is about 17 months and works are expected to commence in June 2020.

"The contract is also expected to contribute positively to the revenue and earnings of Econpile for the financial year ending June 30, 2020,” Econpile said.

With this, Econpile’s current orderbook stands at RM780mil, which will last the group over the next two years.

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Econpile , Pavilion Damansara Heights , WCT


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