INTRODUCTION
The Board of Directors of FFB is pleased to announce that its wholly-owned subsidiary, Favelle Favco Cranes (M) Sdn Bhd, Favelle Favco Cranes (USA), Inc and Kroll Cranes A/S had received the following purchase orders or Letter of Intent (“Contracts”) respectively in the month of June 2014 and up to the date of announcement:-
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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 (M) Sdn Bhd
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Jason Offshore Equipment Co., Ltd.
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Supply of Offshore Crane
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which is expected to be delivered from second quarter of 2015 to end of 2015
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Favelle Favco Cranes (M) Sdn Bhd
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Pipavav Defence and Offshore Engineering Company Limited
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Supply of Offshore Crane
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which is expected to be delivered by second quarter of 2015
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Favelle Favco Cranes (M) Sdn Bhd
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Nam Cheong International Ltd
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Supply of Offshore Crane
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which is expected to be delivered by second quarter of 2015
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Favelle Favco Cranes (USA), Inc
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TES, Inc
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Supply of Tower Crane
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which is expected to be delivered by second quarter of 2015
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Kroll Cranes A/S
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Westcon Yards AS
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Supply of Tower Crane
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which is expected to be delivered by early of 2015
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The approximate combined value of the above substantial orders secured amount to RM69.2 million.
The above Contracts are expected to contribute positively to the earnings and net assets of FFB for the financial year ending 31 December 2014 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 1 July 2014.
