Encorp secures RM16.96 million Felda staff housing contract
Encorp has expanded its construction work with a new contract from its major shareholder to build staff housing. The RM16.96 million project follows a memorandum of understanding signed on 5 June this year and strengthens the existing working relationship between the two parties.
Highlights
- Encorp Construction & Engineering Sdn Bhd secures a RM16.96 million contract to build Felda staff housing, with details to be finalised later.
- Felda, which holds a 67.129% stake in Encorp, continues its collaboration with the company following the Lamanda Chuping project, completed in 2024.
- Encorp shares closed unchanged at 16 sen on Wednesday, with a market capitalisation of RM50.7 million, boosting the group's order book visibility.
This article was translated from the original. Read the original version by our correspondent here.
Contract details and follow-up to collaboration
As reported by The Edge Malaysia, Encorp Construction & Engineering Sdn Bhd, a wholly owned subsidiary of Encorp Bhd, has received a letter of acceptance for a contract to build staff housing for the Federal Land Development Authority, or Felda.In a filing with Bursa Malaysia, Encorp said the contract details were still being finalised and would be announced in due course. The contract was awarded following a memorandum of understanding signed on 5 June this year.
Implications for Encorp and Felda's position
Felda is Encorp's majority shareholder, with a 67.129% stake held through Felda Investment Corporation Sdn Bhd. The latest collaboration follows previous projects Encorp carried out for Felda, including the first phase of the Lamanda Chuping development in Perlis, which was completed in 2024.Encorp shares closed unchanged at 16 sen on Wednesday, giving it a market capitalisation of RM50.7 million. The new contract adds to the group's order book visibility as the company continues projects involving its key stakeholder.
We previously reported on efforts to revive distressed and abandoned housing projects, which had brought 1,726 developments nationwide back to life as of the end of August, involving nearly 200,000 housing units worth RM158.16 billion. The report also highlighted that recovery timelines vary depending on the progress of negotiations, technical issues and project viability, with several projects in Kuala Lumpur still classified as problematic.
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