Latest news with #EconpileHoldingsBhd
New Straits Times
4 hours ago
- Business
- New Straits Times
Mutiara Line LRT physical works to begin in a month or two, says Loke
GEORGE TOWN: Physical works for the Mutiara Line light rail transit (LRT) project are expected to begin in a month or two. Transport Minister Anthony Loke said it would start with piling works. He said all necessary notices, including the Notice to Proceed with the project, had been issued to the relevant parties. "Penang does not need to wait anymore… everything is done. "All issues related to the Penang LRT project, between the federal government — particularly the ministry — and the state government, have been resolved properly. "I held a meeting with the Chief Minister (Chow Kon Yeow) at the ministry last month. All outstanding matters, including letters of release from the state government and other documents, have been settled," he said when met at the Rapid Penang headquarters in Lorong Kulit this afternoon. Elaborating further, Loke said even the main contractor had already awarded packages to subcontractors. "So, construction work will begin soon — in the next one or two months. We will start seeing physical works. "This includes preparatory works such as piling. We have also requested that, once piling and construction works begin, there must be a proper traffic diversion plan in place to avoid major disruptions, especially since traffic is already a challenge in Penang. "As with any construction project, there will be some diversions and an impact on road users. What we need to do is minimise that impact," he added. It was recently reported that Econpile Holdings Bhd's wholly-owned subsidiary, Econpile (M) Sdn Bhd, had secured a RM42.82 million contract from Irama Duta Sdn Bhd to carry out bored piling and related construction works as part of the LRT project.
The Star
2 days ago
- Business
- The Star
Econpile set for new job wins on Penang LRT catalyst
File: Artist impression of Penang LRT Mutiara Line. PETALING JAYA: Econpile Holdings Bhd , which has secured its first contract for the Penang light rail transit (LRT) Mutiara Line, is poised to win more jobs as the RM10bil project gains momentum, analysts say. On June 5, Econpile announced it was awarded a RM42.8mil bored piling sub-package spanning three stations – from East Jelutong to Gelugor – out of the total 21 stations. The works are scheduled to begin on Aug 1, 2025 and end on Oct 31, 2027. CGS International (CGSI) Research said the win validated its view that the Penang LRT is progressing as planned, with full-scale construction expected to begin in the fourth quarter of 2025 (4Q25). 'For the broader construction sector, we think this win validates our thesis that the Penang LRT Mutiara Line is progressing as planned and construction works should be in full swing in 4Q25. 'This is likely to benefit Gamuda Bhd , as we expect it to be contracted for more work for the Penang LRT, amounting to an additional RM3bil on top of its initial contract value of RM5bil,' it said. Other potential beneficiaries include Malayan Cement Bhd , HSS Engineers Bhd , IJM Corp Bhd and Sunway Construction Group Bhd . CGSI Research said Econpile's year-to-date new order wins now total RM333mil, with an order book of RM487mil as at June 2025. The group is aiming for RM400mil to RM450mil in new jobs for its financial year ending Dec 31, 2025 (FY25), in line with last year's performance. 'We expect gross profit margins for the Penang LRT bored piling contract to be about 10%-15%, higher than the recent piling projects for property development it won over the past one year,' it said, adding that Econpile's performance should improve in 4Q25. CGSI Research maintained its 'add' rating and 46 sen target price, citing Econpile's strong presence in infrastructure projects and the largest fleet of bored piles in Malaysia. Meanwhile, CIMB Securities Research said the sub-package forms part of the larger package for which the Gamuda-led SRS Consortium Sdn Bhd – comprising Gamuda (60%), Ideal Property Development Sdn Bhd (20%) and Loh Phoy Yen Holdings Sdn Bhd (20%) – is the principal civil works contractor. Mass Rapid Transit Corp Sdn Bhd is the project developer and asset owner of the Mutiara Line. 'Having secured the first major piling contract under the Penang LRT Mutiara line, the group is well-placed to bid for a larger piling-related job that is coming up,' CIMB Research said. It kept its 'buy' rating and 38 sen target price, pegging the stock at 19 times 2026 core earnings per share of 1.9 sen.
The Star
5 days ago
- Business
- The Star
Econpile wins RM43mil LRT contract
PETALING JAYA: Econpile Holdings Bhd has accepted a letter of award from Irama Duta Sdn Bhd to undertake construction work for the Projek Rapid Transit Aliran Ringan (LRT) Pulau Pinang–Laluan Mutiara (Package CMC1), worth RM42.82mil. In a filing with Bursa Malaysia, the construction engineering firm said the contract falls under Sub-Package BP06 and will involve bored piling construction and other associated works from East Jelutong to Gelugor. 'The commencement date for the project is Aug 1, 2025 and the practical completion date is Oct 31, 2027. 'The project is expected to contribute positively to the revenue and earnings of the company from the financial year ending June 30, 2026 onwards.' Econpile said there are no foreseeable significant risks other than operational risk associated with the project during the contract period.
New Straits Times
5 days ago
- Business
- New Straits Times
Econpile bags RM42.82mil piling contract for Penang LRT project
KUALA LUMPUR: Econpile Holdings Bhd's wholly-owned subsidiary, Econpile (M) Sdn Bhd has secured a RM42.82 million contract from Irama Duta Sdn Bhd to carry out bored piling and related construction works. In a filing with Bursa Malaysia, the company said the works are part of the Penang Light Rail Transit (LRT) Mutiara Line (MTL) – Package CMC1. "The project is expected to contribute positively to the company's revenue and earnings from the financial year ending June 30, 2026 onwards," it said, adding that the project is expected to commence on Aug 1, 2025, and the practical completion date is Oct 31, 2027. "There are no foreseeable significant risks other than operational risk associated with the project during the contract period. "The management would put in place control measures and operational procedures to reduce the impact or likelihood of such events," it added.
Barnama
5 days ago
- Business
- Barnama
Econpile Bags RM42.82 Mln Piling Contract For Penang LRT Project
KUALA LUMPUR, June 5 (Bernama) -- Econpile Holdings Bhd's wholly-owned subsidiary, Econpile (M) Sdn Bhd has secured a RM42.82 million contract from Irama Duta Sdn Bhd to carry out bored piling and related construction works. In a filing with Bursa Malaysia, the company said the works are part of the Penang Light Rail Transit (LRT) Mutiara Line (MTL) – Package CMC1. 'The project is expected to contribute positively to the company's revenue and earnings from the financial year ending June 30, 2026 onwards,' it said, adding that the project is expected to commence on Aug 1, 2025, and the practical completion date is Oct 31, 2027.
