Econpile bags project worth US$9.5m in Cambodia

• In a bourse filing on Wednesday (May 31), Econpile said its unit Global Piling Solutions Co Ltd secured the contract for Odom Living Co Ltd for the Odom development at Norodom Boulevard, Sangkat Tonle Bassac, Phnom Penh.

KUALA LUMPUR (May 31):  Econpile Holdings Bhd has received a letter of acceptance worth US$9.5 million (RM43.77 million) for a project in Cambodia.

In a bourse filing on Wednesday (May 31), Econpile said its unit Global Piling Solutions Co Ltd secured the contract for Odom Living Co Ltd for the Odom development at Norodom Boulevard, Sangkat Tonle Bassac, Phnom Penh.

The contract is to undertake bored pile and diaphragm wall works.

Econpile said the duration of the project is 248 calendar days from June 1, 2023.

It said the project is expected to contribute positively to its earnings from the financial year ending June 30, 2023 onwards.

Econpile executive director/group chief executive officer Raymond Pang said the new win is its second project in the country, which will further uplift its reputation and place it favourably in future tenders.

“Our works to support this high-rise undertaking corresponds well with our scope of expertise, and allows us to support Cambodia’s changing landscape.

“Our fleet of machinery, existing team and familiarity with the industry dynamics in Phnom Penh should work in our favour in implementing this project.”

Pang said the new contract brings the group’s new wins year-to-date to RM266.7 million and boosts its current order book to approximately RM410.0 million, which will be recognised until 2024.

Econpile's share closed half a sen higher to 19 sen at the noon market break on a volume of 163,100 shares.