Thursday 30 May 2024
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KUALA LUMPUR (May 6): Favelle Favco Bhd, which on Thursday (May 5) declared a bumper dividend of 85 sen, announced on Friday (May 6) that it secured an aggregate amount of orders worth RM55 million between Feb 22, 2022, and May 6, 2022.

In a bourse filing, the crane manufacturer — controlled by Main Market-listed Muhibbah Engineering (M) Bhd — said the purchase orders were received by its subsidiaries, namely Favelle Favco Cranes Pty Ltd, Favelle Favco Cranes (M) Sdn Bhd and Favelle Favco Cranes Pte Ltd.

Favelle Favco expects these contracts to contribute positively to its earnings and net assets for the financial year ending Dec 31, 2022 and beyond.

Shares in Favelle Favco jumped as much as 68 sen or 26.4% to RM3.26 during Friday's morning trade, before settling at RM3.17 for the day. Still, they were up 59 sen or 22.87%. At closing price, the company is being valued at RM735 million.

Trading volume also swelled to 4.26 million shares, compared with 95,500 shares traded on Thursday (May 5).

Edited ByLiew Jia Teng
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