| Company Name | : | FAVELLE FAVCO BERHAD |
| Stock Name | : | FAVCO |
| Date Announced | : | 06 Nov 2012 |
| Category | : | General Announcement |
| Reference Number | : | CC-121101-39350 |
FAVELLE FAVCO BERHAD
|
Type |
Announcement |
|
Subject |
OTHERS |
|
Description |
FAVELLE FAVCO BERHAD (“FFB”)
ACCEPTANCE OF PURCHASE ORDERS |
INTRODUCTION
The Board of Directors of FFB is pleased to announce that its wholly-owned subsidiaries, 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 month of October 2012:-
| Contracts secured by | Customer | Brief description of the Contracts | Duration of the Contracts |
| Favelle Favco Cranes (M) Sdn Bhd | BAM Clough Joint Venture | Supply of Offshore Crane | which is expected to be delivered by mid of 2013 |
| Favelle Favco Cranes (M) Sdn Bhd | Brooke Dockyard and Engineering Works Corporation | Supply of Offshore Crane | which is expected to be delivered by mid of 2013 |
| Favelle Favco Cranes (M) Sdn Bhd | Tat Hong Heavy Equipment Pte Ltd | Supply of Offshore Crane | which is expected to be delivered by mid of 2013 |
| Favelle Favco Cranes Pte Ltd | Er Sai Caspian Contractor LLC | Supply of Offshore Crane | which is expected to be delivered by end of 2013 |
| Favelle Favco Cranes (M) Sdn Bhd | DESB Marine Services Sdn. Bhd. | Supply of Offshore Crane | which is expected to be delivered by mid of 2013 |
| Favelle Favco Cranes (M) Sdn Bhd | BASF Petronas Chemicals Sdn Bhd | Crane & Winches Dosh Inspection | which commence from October 2012 until end of 2013 |
The approximate combined value of the above substantial orders secured amount to RM58.5 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 6 November 2012.