PETALING JAYA: Favelle Favco Bhd
’s (FFB) subsidiaries, Favelle Favco Cranes (M) Sdn Bhd, Shanghai Favco Engineering Machinery Manufacturing Co Ltd and Favelle Favco Cranes Pty Ltd (FFC), have received contracts for the supply of offshore and tower cranes totaling RM39.2mil.
In a filing with Bursa Malaysia, FFB said Favelle Favco Cranes had received a contract from Hilong Petroleum Offshore Engineering Ltd for the supply of an offshore crane, which is expected to be delivered by the third quarter of 2024.
Additionally, it said Favelle Favco Cranes had received a contract from CUEL Ltd for the supply of another offshore crane, which is expected to be completed by the first quarter of 2025.
Meanwhile, subsidiary Shanghai Favco Engineering Machinery Manufacturing has received a contract from Favco Heavy Industry (Changshu) Co Ltd for the supply of a tower crane, to be delivered by the third quarter of 2024.
Separately, FFC received a contract for the supply of a tower crane from GA Caelli Holdings Trust, which is expected to be delivered by the second quarter of 2024.
“The above contracts are expected to contribute positively to the earnings and net assets of FFB for the financial year ending Dec 31, 2024 and beyond.
“The contracts do not have any impact on the share capital and shareholding structure of FFB,” it said.
