Favelle Favco’s subsidiaries receive contracts totalling RM130.8mil

KUALA LUMPUR: Favelle Favco Bhd through several subsidiaries has received the purchase order (PO) or letter of intent with a combined value of RM130.8 million.

In a filing with Bursa Malaysia, Favelle Favco said the subsidiaries involved are Favelle Favco Cranes Pty Ltd, Favelle Favco Cranes (M) Sdn Bhd, Shanghai Favco Engineering Machinery Manufacturing Co Ltd and Favelle Favco Cranes (USA) Inc.

It said the PO received are from Marr Contracting Pty Ltd, OREC Engineering Holdings Pty Ltd, Lindores Construction Logistics Pty Ltd, Favco Heavy Industry (Changshu) Co Ltd, McDermott Middle East Inc and Zachry Industrial Inc.

Favelle Favco said the contracts are expected to contribute positively to the earnings and net assets of FFB and do not have any impact on the share capital and shareholding structure of FFB.

"The board of directors is of the opinion that the acceptance of the contracts is in the best interest of Favelle Favco,” it said. - Bernam

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