INTRODUCTION
The Board of Directors of FFB is pleased to announce that its wholly-owned subsidiary, Favelle Favco Cranes Pty Ltd and Favelle Favco Cranes (M) Sdn Bhd had received the following purchase orders or Letter of Intent (“Contracts”) respectively in the month of June 2012:-
| Contracts secured by |
Customer |
Brief description of the Contracts |
Duration of the Contracts |
| Favelle Favco Cranes Pty Ltd |
Form 700 Pty Ltd |
Supply of Tower Crane |
which is expected to be delivered by end of 2012 |
| Favelle Favco Cranes (M) Sdn Bhd |
Shin Yang Shipyard Sdn Bhd |
Supply of Offshore Crane |
which is expected to be delivered by early of 2013 |
| Favelle Favco Cranes (M) Sdn Bhd |
Cosco (Guangdong) Shipyard Co., Ltd |
Supply of Offshore Crane |
which is expected to be delivered from early 2013 to end of 2013 |
The approximate combined value of the above substantial orders secured amount to RM71.5 million.
FINANCIAL EFFECTS
The above Contracts are expected to contribute positively to the earnings and net assets of FFB for the financial year ending 31 December 2012 and beyond. The Contracts do not have any impact on the share capital and shareholding structure of FFB.
DIRECTORS' AND MAJOR SHAREHOLDERS' INTERESTS
None of the Directors or major shareholders or persons connected to the Directors or major shareholders has any direct or indirect interest in the above Contracts.
DIRECTORS' STATEMENT
The Board of Directors of FFB is of the opinion that the acceptance of the above Contracts are in the best interest of FFB.
This announcement is dated 25 June 2012.
