KUALA LUMPUR: Econpile Holdings Bhd has secured a contract worth RM71.19 million from Thens Architect on behalf of Platinum Victory Property Sdn Bhd, for works related to a high-rise development at Jalan Sultan Ismail, Kuala Lumpur.
The contract is for Package 1, involving the demolition, substructure and basement works for a proposed block of 55-storey development comprising office (223 units), hotel (329 units) and small office/home office (245 units) with five levels of basement car park.
The company said the project shall be completed within 28 months from Sept 2, 2024.
"The project is expected to contribute positively to the revenue and earnings of the company from the financial year ending June 30, 2025 onwards," it said in a filing to Bursa Malaysia.
Econpile said there are no foreseeable significant risks other than operational risk associated with the project during the contract period.
It added that the management would put in place control measures and operational procedures to reduce the impact or likelihood of such events.
Shares of Econpile closed 1.5 sen or 3.8 per cent higher to 41 sen, giving it a market capitalisation of RM573.91 million.