KUALA LUMPUR (May 7): Shares of construction crane manufacturer Favelle Favco Bhd closed at its all time high on Tuesday, after the group clinched four contracts for the supply of offshore and tower cranes.
Favelle Favco surged 11 sen or 5.09% to settle at RM2.27, making the stock among top gainers on Bursa Malaysia. A total of 447,700 shares were traded.
At RM2.27, Favelle Favco’s market capitalisation stood at RM534.31 million. Year to date, the stock has climbed 27.53%.
Currently, the stock is not covered by any institutional analysts.
On Monday (May 6), Favelle Favco announced that it had secured four contracts for the supply of offshore and tower cranes, totalling RM39.2 million.
Two contracts for offshore cranes were awarded by Hilong Petroleum Offshore Engineering Ltd and CUEL Ltd. The Hilong job is to be delivered in the third quarter (3Q) of this year, while CUEL’s is to be completed by the first quarter of 2025.
The other two contracts, which are for the supply of tower cranes, were awarded by Favco Heavy Industry (Changshu) Co Ltd and GA Caelli Holdings Trust. The first is expected to be delivered in 3Q of this year, and the second is to be completed in the second quarter.
Earlier in January this year, Favelle Favco announced securing five contracts worth a combined RM79.4 million for crane supply and machinery replacements, from clients Servizi Energia Italia SpA, Resolution Rigging Services Pty Ltd, E&P O&M Services Sdn Bhd, Petron Malaysia Refining & Marketing Bhd, and Petronas Carigali Sdn Bhd.