| Company Name | : | FAVELLE FAVCO BERHAD |
| Stock Name | : | FAVCO |
| Date Announced | : | 31 Jul 2023 |
| Category | : | General Announcement for PLC |
| Reference Number | : | GA1-31072023-00019 |
| 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 and Favelle Favco Cranes (M) Sdn Bhd had received the following purchase orders or Letter of Intent (“Contracts”) respectively from 26 June 2023 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 2023 |
| Favelle Favco Cranes (M) Sdn Bhd | Malaysia Marine and Heavy Engineering Sdn Bhd | Supply of Offshore Crane | which is expected to be delivered by mid of 2024 |
| Favelle Favco Cranes (M) Sdn Bhd | Samsung Heavy Industries Co., Ltd | Supply of Offshore Crane | which is expected to be delivered by early of 2025 |
| Favelle Favco Cranes (M) Sdn Bhd | Shinfox Far East Company Pte. Ltd | Supply of Offshore Crane | which is expected to be delivered by third quarter of 2024 |
The approximate combined value of the above substantial orders secured amounting to RM92 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 2023 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 31 July 2023.