| Company Name | : | FAVELLE FAVCO BERHAD |
| Stock Name | : | FAVCO |
| Date Announced | : | 23 Sep 2020 |
| Category | : | General Announcement for PLC |
| Reference Number | : | GA1-23092020-00037 |
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 subsidiaries, Favelle Favco Cranes (M) Sdn Bhd, Favelle Favco Cranes (USA), Inc. and Favelle Favco Cranes Pty. Limited had received the following purchase orders or Letter of Intent (“Contracts”) respectively from 27 August 2020 and up to the date of announcement:-
|
Contracts secured by |
Customer |
Brief description of the Contracts |
Duration of the Contracts |
|
Favelle Favco Cranes (M) Sdn Bhd |
ExxonMobil Exploration and Production Malaysia Inc. |
Supply of Offshore Crane |
which is expected to be delivered by first quarter of 2021 |
|
Favelle Favco Cranes (USA), Inc. |
TES, Inc |
Supply of Tower Crane |
which is expected to be delivered by second quarter of 2021 |
|
Favelle Favco Cranes Pty. Limited |
Noronha Holdings t/as Rhemza Cranes |
Supply of Tower Crane |
which is expected to be delivered by end of 2020 |
The approximate combined value of the above substantial orders secured amount to RM56.1 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 2020 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 23 September 2020.