INTRODUCTION
The Board of Directors of FFB is pleased to announce that its wholly-owned subsidiaries, Favelle Favco Cranes Pte Ltd, 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 months of May 2013 and June 2013:-
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Contracts secured by
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Customer
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Brief description of the Contracts
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Duration of the Contracts
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Favelle Favco Cranes Pte Ltd
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Keppel Fels Limited
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Supply of Offshore Crane
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which is expected to be delivered from early 2014 to third quarter of 2014
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Favelle Favco Cranes (M) Sdn Bhd
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China Merchants Heavy Industry (Shenzhen) Co., Ltd
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Supply of Offshore Crane
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which is expected to be delivered by third quarter of 2014
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Favelle Favco Cranes Pty Ltd
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Marr Contracting Pty Ltd
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Supply of Tower Crane
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which is expected to be delivered by third quarter of 2013
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Favelle Favco Cranes (M) Sdn Bhd
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Jiangsu
ZhenJiang Shipyard (Group) Co. Ltd
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Supply of Offshore Crane
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which is expected to be delivered by third quarter of 2014
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Favelle Favco Cranes Pte Ltd
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PPL Shipyard Pte Ltd
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Supply of Offshore Crane
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which is expected to be delivered by end of 2014
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Favelle Favco Cranes (M) Sdn Bhd
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Rongsheng Offshore & Marine Pte Ltd
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Supply of Offshore Crane
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which is expected to be delivered by mid of 2014
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The approximate combined value of the above substantial orders secured amount to RM161.1 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 2013 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 11 June 2013.
