Quick take: Econpile shares climb 2.1% after bagging RM20.8mil contract

KUALA LUMPUR: Shares of Econpile Holdings Bhd climbed 1.4% and extended their gains into the second session after the company bagged a contract worth RM20.8mil.

The piling and foundation specialist rose 2.08%, or 1.5 sen to 73.5 sen with 1.06 million shares traded. Econpile-WA added 2.78%, or 0.5 sen to 18.5 sen.

Econpile’s unit has been awarded a contract worth RM20.8mil to undertake works for a proposed commercial development in Subang Jaya.

The company said the contract is for earthworks, soil nailing works, piling and pilecap, as well as basement lowest floor slab works for the development, which comprises a commercial block with serviced apartments and small office/home office (SoHo), a seven-storey podium block and retail space.

The contract, which was awarded to its wholly-owned subsidiary Econpile (M) Sdn Bhd by Tropicana Metropark Sdn Bhd, is for a duration of 12 months.

Econpile expects the contract to contribute positively to its revenue and earnings for the financial year ending June 30,2020.

Source: TheStar