PETALING JAYA: Encorp Bhd’s wholly-owned subsidiary, Encorp Construction & Engineering Sdn Bhd, has accepted a letter of acceptance worth RM16.96mil to build staff housing for its major shareholder, the Federal Land Development Authority (Felda).

The contract award follows a memorandum of understanding that was 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,” said Encorp.

Felda, through Felda Investment Corp Sdn Bhd, holds a 67.129% stake in Encorp, making it the group’s majority shareholder.

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