FAVCO

2.170

-0.01 (-0.5%)

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.






Announcement Info

Company Name FAVELLE FAVCO BERHAD
Stock Name FAVCO
Date Announced 23 Sep 2020
Category General Announcement for PLC
Reference Number GA1-23092020-00037