Thursday 30 May 2024
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KUALA LUMPUR (March 8): Crane maker Favelle Favco Bhd (FFB) said it has received orders for the supply of offshore and tower cranes amounting to RM101.4 million from six clients.

In a bourse filing today, the group said its wholly-owned subsidiaries, Favelle Favco Cranes (M) Sdn Bhd and Favelle Favco Cranes Pty Ltd, have secured the orders since Dec 1, 2020.

The six clients are DESB Marine Services Sdn Bhd, Resolution Rigging Services Pty Ltd, PT Megatama Internal, Offshore Oil Engineering Co Ltd, Thai Nippon Steel Engineering & Construction Co Ltd, and Saipem SPA.

The six contracts — which are expected to contribute positively to the earnings and net assets of the group for the financial year ending Dec 31, 2021 and beyond — are estimated to be delivered between the second quarter of 2021 and the second quarter of 2022.

"The contracts do not have any impact on the share capital and shareholding structure of FFB.

"The board of directors of FFB is of the opinion that the acceptance of the above contracts is in the best interest of FFB," said the group.

Shares of FFB closed two sen or 0.93% higher at RM2.18, bringing its market capitalisation to RM488.2 million.

Edited ByLam Jian Wyn
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