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Announcement - FAVELLE FAVCO BERHAD ("FFB" or "the Company") - Acceptance of Purchase Orders
General Announcement
Reference No CC-110217-52860

 

Submitting Merchant Bank
:
-  
Company Name
:
FAVELLE FAVCO BERHAD  
Stock Name
:
FAVCO  
Date Announced
:
17/02/2011  

 

Type
:
Announcement
Subject
:
OTHERS
 
Description
:
FAVELLE FAVCO BERHAD ("FFB" or "the Company")
ACCEPTANCE OF PURCHASE ORDERS

Announcement Details/Table Section :

INTRODUCTION

The Board of Directors of FFB is pleased to announce that its wholly-owned subsidiary, Kroll Cranes A/S, Favelle Favco Cranes (M) Sdn Bhd and Favelle Favco Cranes Pte Ltd had received the following purchase orders or Letter of Intent (“Contracts”) respectively in the months of December 2010, January 2011 and February 2011:-
Contracts secured by Customer Brief description of the Contracts Duration of the Contracts
Kroll Cranes A/S West Contractors A/S Supply of Tower Crane which is expected to be delivered by end of 2011
Favelle Favco Cranes (M) Sdn Bhd Favco International (Shanghai) Co., Ltd. Supply of Tower Crane which is expected to be delivered by early of 2011
Favelle Favco Cranes (M) Sdn Bhd Bumi Armada Berhad Supply of Offshore Crane which is expected to be delivered by mid of 2011
Favelle Favco Cranes (M) Sdn Bhd Global Tender Barges Drilling Services Sdn Bhd Supply of Offshore Crane which is expected to be delivered by early of 2011
Favelle Favco Cranes (M) Sdn Bhd Coast Center Base AS Supply of Port Crane which is expected to be delivered by early of 2012
Favelle Favco Cranes (M) Sdn Bhd National Petroleum Construction Company Supply of Offshore Crane which is expected to be delivered by end of 2011
Favelle Favco Cranes Pte Ltd Keppel Fels Limited Supply of Offshore Crane which is expected to be delivered from end 2011 to mid of 2012
Favelle Favco Cranes (M) Sdn Bhd Joffren Omar Company Sendirian Berhad Supply of Offshore Crane which is expected to be delivered by early of 2012
The approximate combined value of the above substantial orders secured amount to RM123.2 million.

FINANCIAL EFFECTS

The above Contracts are expected to contribute positively to the earnings and net assets of FFB for the financial year ending 31 December 2011 and beyond. The Contracts do not have any impact on the share capital and shareholding structure of FFB.

DIRECTORS' AND MAJOR SHAREHOLDERS' INTERESTS

None of the Directors or major shareholders or persons connected to the Directors or major shareholders has any direct or indirect interest in the above Contracts.

DIRECTORS' STATEMENT

The Board of Directors of FFB is of the opinion that the acceptance of the above Contracts are in the best interest of FFB.

This announcement is dated 17 February 2011.

    
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