| Company Name | : | FAVELLE FAVCO BERHAD |
| Stock Name | : | FAVCO |
| Date Announced | : | 26 Sep 2022 |
| Category | : | General Announcement for PLC |
| Reference Number | : | GA1-26092022-00046 |
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 subsidiaries, Favelle Favco Cranes Pty. Limited, Favelle Favco Cranes (M) Sdn Bhd, Shanghai Favco Engineering Machinery Manufacturing Co., Ltd. and Favelle Favco Cranes (USA), Inc. had received the following purchase orders or Letter of Intent (“Contracts”) respectively from 25 August 2022 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 | Marr Contracting Pty Ltd | Supply of Tower Crane | which is expected to be delivered by end of 2022 |
| Favelle Favco Cranes (M) Sdn Bhd | O.R.E.C. Engineering Holdings Pty Ltd | Supply of Tower Crane | which is expected to be delivered by end of 2022 |
| Favelle Favco Cranes Pty. Limited | Lindores Construction Logistics Pty Ltd | Supply of Tower Crane | which is expected to be delivered by early of 2023 |
| Shanghai Favco Engineering Machinery Manufacturing Co., Ltd. | Favco Heavy Industry (Changshu) Co Ltd | Supply of Tower Crane | which is expected to be delivered by first quarter of 2023 |
| Favelle Favco Cranes (M) Sdn Bhd | McDermott Middle East Inc | Supply of Offshore Crane | Staggered delivery from end of 2023 to second quarter of 2025 |
| Favelle Favco Cranes (USA), Inc. | Zachry Industrial, Inc | Supply of Powerpack | which is expected to be delivered by first quarter of 2023 |
The approximate combined value of the above substantial orders secured amount to RM130.8 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 2022 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 26 September 2022.