Econpile stated that it has received a Letter of Award from Vestland Resources Sdn. Bhd. to undertake the substructure works for a commercial development comprising SOHO and retail floors at Bandar Subang Jaya, for a total sum of RM35 million.
The overall duration of the Project shall be 15 months from 15 July 2023 and is expected to contribute positively to the revenue and earnings of the Company from the financial year ending 30 June 2024 onwards. Econpile said there are no foreseeable significant risks other than operational risk associated with the Project during the contract period. The management has also stated that it would put in place control measures and operational procedures to reduce the impact or likelihood of such events.
None of the directors or major shareholders of the Company or persons connected to them has any interest, whether direct or indirect, in the Project.
