| Company Name | : | FAVELLE FAVCO BERHAD |
| Stock Name | : | FAVCO |
| Date Announced | : | 03 Jan 2017 |
| Category | : | General Announcement for PLC |
| Reference Number | : | GA1-03012017-00011 |
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, Kroll Cranes A/S, Favelle Favco Cranes Pty. Limited and Favelle Favco Cranes (USA), Inc had received the following purchase orders or Letter of Intent (“Contracts”) respectively in the month of December 2016 and up to the date of announcement:-
| Contracts secured by | Customer | Brief description of the Contracts | Duration of the Contracts |
| Kroll Cranes A/S | ALE UK Holdings | Supply of Tower Crane | which is expected to be delivered by third quarter of 2017 |
| Favelle Favco Cranes Pty. Limited | Marr Contracting Pty Ltd | Supply of Tower Crane | which is expected to be delivered by second quarter of 2017 |
| Favelle Favco Cranes (USA), Inc | TES, Inc | Supply of Tower Crane | which is expected to be delivered by second quarter of 2017 |
| Favelle Favco Cranes Pty. Limited | Stride High Pty Ltd | Supply of Tower Crane | which is expected to be delivered by second quarter of 2017 |
The approximate combined value of the above substantial orders secured amount to RM64.0 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 2017 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 3 January 2017.