The Board of Directors of Econpile Holdings Berhad (“the Company”) is pleased to announce that the Company’s wholly-owned subsidiary, Econpile (M) Sdn. Bhd. has been awarded and has on 14 December 2020, confirmed the acceptance of the terms and conditions in the Letter of Acceptance issued by MCC International Incorporation Ltd. for the subcontract piling and substructure works for an Integrated Entertainment Complex in Phnom Penh, Kingdom of Cambodia for a subcontract amount of approximately USD85.7 million (equivalent to approximately RM347.6 million) (“Project”). The Project shall be completed within 30 months from the date of commencement to be notified.

The Project is expected to contribute positively to the revenue and earnings of the Company from the financial year ending 30 June 2021 onwards.

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.

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.

This announcement is dated 15 December 2020.