| Company Name | : | FAVELLE FAVCO BERHAD |
| Stock Name | : | FAVCO |
| Date Announced | : | 26 Oct 2021 |
| Category | : | General Announcement for PLC |
| Reference Number | : | GA1-26102021-00027 |
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 and Favelle Favco Cranes Pte Ltd and Exact Automation Sdn Bhd had received the following purchase orders or Letter of Intent (“Contracts”) respectively from 17 September 2021 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 early of 2022 |
| Favelle Favco Cranes (M) Sdn Bhd | Saipem S.P.A. | Supply of Offshore Crane | which is expected to be delivered by end of 2022 |
| Favelle Favco Cranes Pte Ltd | Thien Nam Offshore Services JSC | Supply of Offshore Crane | which is expected to be delivered by first quarter of 2022 |
| Exact Automation Sdn Bhd | Rockwell Automation Southeast Asia Pte Ltd | Supervisory Control and Data Acquisition System | which is expected to be delivered by mid of 2022 |
The approximate combined value of the above substantial orders secured amount to RM37.1 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 2021 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 October 2021.