Favelle Favco units bag contracts worth RM37.1mil

KUALA LUMPUR (Bernama) -- Favelle Favco Bhd (FFB) announced that four of its subsidiaries have secured purchase orders with a combined value of about RM37.1 million.

In filing with Bursa Malaysia today, FFB said Favelle Favco Cranes Pty. Limited received an order for the supply of tower crane from G A Caelli Holdings Trust to be delivered by early of 2022, while Favelle Favco Cranes (M) Sdn Bhd received a contract from Saipem S.P.A. to supply offshore crane, which is expected to be delivered by the end of next year.

Meanwhile, Favelle Favco Cranes Pte Ltd bagged an order from Thien Nam Offshore Services JSC for the supply of offshore crane to be delivered by the first quarter of 2022, and Exact Automation Sdn Bhd secured a contract from Rockwell Automation Southeast Asia Pte Ltd for supervisory control and data acquisition system, which is expected to be delivered by mid-2022.

"The contracts are expected to contribute positively to the earnings and net assets of FFB for the financial year ending Dec 31, 2021 and beyond,” it said, adding the contracts would not have any impact on the share capital and shareholding structure of the group.

At the close of trading today, FFB shares eased one sen to RM2.35 with 22,000 units transacted.

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