KUALA LUMPUR (Aug 29): Econpile Bhd has bagged a RM40 million construction sub-contract related to the Rapid Transit System Link (RTS) project between Johor Bahru and Singapore.

Econpile said its wholly owned subsidiary Econpile (M) Sdn Bhd was awarded the piling job — at the immigration, custom and quarantine complex for the RTS Link — by Ekovest Construction Sdn Bhd.

The duration of the sub-contract is 13 months from Sept 1, the group said in a filing with Bursa Malaysia.

“The project is expected to contribute positively to the revenue and earnings of the company from the financial year ending June 30, 2023 onwards,” it added.  

Econpile’s share price closed up 0.5 sen or 3.03% at 17 sen, giving the group a market capitalisation of RM241 million.  Year to date, Econpile’s share has fallen 49% from 33 sen.