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:-

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.