Favelle Favco secures orders worth RM55mil

KUALA LUMPUR: Favelle Favco Bhd (FFB) has secured four contracts worth RM55mil for the supply of cranes.

In a Bursa filing, the crane maker said its subsidiary, Favelle Favco Cranes Pty. Limited secured a contract to supply tower crane from Marr Contracting Pty Ltd. The contract is expected to be delivered by mid-2022.

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The same subsidiary also secured a contract from G A Caelli Holdings Trust to supply tower crane.

Favelle Favco Cranes (M) Sdn Bhd secured a contract to supply offshore crane from SR Marine Services Sdn Bhd. It is expected to be delivered by the third quarter of 2022.

Favelle Favco Cranes Pte Ltd secured a contract from Yinson Bergenia Production B.V. to supply offshore crane.

FFB said the approximate combined value of the orders secured amounted to RM55mil.

“The contracts are expected to contribute positively to the earnings and net assets of FFB for the financial year ending Dec 31, 2022 and beyond,” it said.