KUALA LUMPUR: Encorp Bhd's subsidiary Encorp Construction & Engineering Sdn Bhd has secured a RM16.96 million contract to build staff housing for its major shareholder Federal Land Development Authority (Felda).
The contract follows a memorandum of understanding signed on June 5 this year.
"The parties are currently in the process of finalising the definitive agreement in relation to the project.
"The company will make further announcements on any material developments in relation to the above, as and when necessary," Encorp said in a filing to Bursa Malaysia.
Felda, through Felda Investment Corp Sdn Bhd, holds a 67.13 per cent stake in Encorp.
Encorp's shares closed unchanged at 16 sen today, giving the company a market capitalisation of RM50.7 million.
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