| Company Name | : | FAVELLE FAVCO BERHAD |
| Stock Name | : | FAVCO |
| Date Announced | : | 20 Feb 2019 |
| Category | : | General Announcement for PLC |
| Reference Number | : | GA1-20022019-00041 |
OTHERS FAVELLE FAVCO BERHAD ("FFB" or "the Company") ACCEPTANCE OF PURCHASE ORDERS
FAVELLE FAVCO BERHAD
| Type | Announcement |
| Subject | OTHERS |
| Description |
FAVELLE FAVCO BERHAD ("FFB" or "the Company")
ACCEPTANCE OF PURCHASE ORDERS
|
INTRODUCTION
The Board of Directors of FFB is pleased to announce that its wholly-owned subsidiary, Favelle Favco Cranes Pty. Limited, Favelle Favco Cranes (USA), Inc and Favelle Favco Cranes (M) Sdn Bhd had received the following purchase orders or Letter of Intent (“Contracts”) respectively from November 2018 and up to the date of announcement:-
| Contracts secured by | Customer | Brief description of the Contracts | Duration of the Contracts |
| Favelle Favco Cranes Pty. Limited | G A Caelli Holdings Trust | Supply of Tower Crane | which is expected to be delivered by second quarter of 2019 |
| Favelle Favco Cranes Pty. Limited | Form 700 Pty Ltd | Supply of Tower Crane | which is expected to be delivered by first quarter of 2019 |
| Favelle Favco Cranes Pty. Limited | Icon Co (Aust) Pty Ltd | Supply of Tower Crane | which is expected to be delivered by second quarter of 2019 |
| Favelle Favco Cranes (USA), Inc | TES, Inc | Supply of Tower Crane | which is expected to be delivered by third quarter of 2019 |
| Favelle Favco Cranes (M) Sdn Bhd | Sapura Fabrication Sdn Bhd | Supply of Offshore Crane | which is expected to be delivered by end of 2019 |
| Favelle Favco Cranes (M) Sdn Bhd | Malaysia Vietnam Offshore Terminal (L) Limited | Supply of Offshore Crane | which is expected to be delivered by end of 2019 |
The approximate combined value of the above substantial orders secured amount to RM61.1 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 2019 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 is in the best interest of FFB.
This announcement is dated 20 February 2019.