| Company Name | : | FAVELLE FAVCO BERHAD |
| Stock Name | : | FAVCO |
| Date Announced | : | 08 Aug 2012 |
| Category | : | General Announcement |
| Reference Number | : | CC-120808-43810 |
FAVELLE FAVCO BERHAD
|
Type |
Announcement |
|
Subject |
TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
RELATED PARTY TRANSACTIONS |
|
Description |
FAVELLE FAVCO BERHAD (“FFB”)
ACCEPTANCE OF PURCHASE ORDERS |
INTRODUCTION
The Board of Directors of FFB is pleased to announce that its wholly-owned subsidiary, 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 July and August 2012:-
| Contracts secured by | Customer | Brief description of the Contracts | Duration of the Contracts |
| Favelle Favco Cranes (M) Sdn Bhd | Cosco (Nantong) Shipyard Co., Ltd | Supply of Offshore Crane | which is expected to be delivered by mid of 2013 |
| Favelle Favco Cranes (M) Sdn Bhd | Ajang Shipping Sdn Bhd | Supply of Offshore Crane | which is expected to be delivered by end of 2012 |
| Favelle Favco Cranes (M) Sdn Bhd | Monadelphous Muhibbah Marine JV | Supply of Port Crane | which is expected to be delivered by end of 2013 |
| Favelle Favco Cranes (M) Sdn Bhd | China Communications Import & Export Corporation (Jiangsu Zhenjiang Shipyard (Group) Co. Ltd. | Supply of Offshore Crane | which is expected to be delivered by mid of 2013 |
| Favelle Favco Cranes (M) Sdn Bhd | Malaysia Marine and Heavy Engineering Sdn Bhd | Supply of Offshore Crane | which is expected to be delivered by mid of 2013 |
| Favelle Favco Cranes Pte Ltd | Roylea Express (S) Pte Ltd | Supply of Offshore Crane | which is expected to be delivered by mid of 2013 |
The approximate combined value of the above substantial orders secured amount to RM110.4 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 2012 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 8 August 2012.