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 Pte Ltd, Favelle Favco Cranes Pty. Limited and Favelle Favco Cranes (USA), Inc and Kroll Cranes A/S had received the following purchase orders or Letter of Intent (“Contracts”) respectively in the months of March 2015, April 2015 and up to the date of announcement:-
Contracts secured by
|
Customer
|
Brief description of the Contracts
|
Duration of the Contracts
|
Favelle Favco Cranes (M) Sdn Bhd
|
SapuraKencana HL Sdn Bhd
|
Supply of Offshore Crane
|
which is expected to be delivered by end of 2015
|
Favelle Favco Cranes (M) Sdn Bhd
|
Bumi Armada Offshore Holdings Ltd
|
Supply of Offshore Crane
|
which is expected to be delivered by early of 2016
|
Favelle Favco Cranes (M) Sdn Bhd
|
Nam Cheong International Ltd
|
Supply of Offshore Crane
|
which is expected to be delivered by second quarter of 2016
|
Favelle Favco Cranes Pte Ltd
|
PVD Trading and Technical Services JSC
|
Supply of Offshore Crane
|
which is expected to be delivered by first quarter of 2016
|
Favelle Favco Cranes (M) Sdn Bhd
|
Hyundai Heavy Industries Company Ltd
|
Supply of Offshore Crane
|
which is expected to be delivered by third quarter of 2016
|
Favelle Favco Cranes Pty. Limited
|
Stride High Pty Ltd
|
Supply of Tower Crane
|
which is expected to be delivered by third quarter of 2015
|
Favelle Favco Cranes (USA), Inc
|
TES, Inc
|
Supply of Tower Crane
|
which is expected to be delivered by end of 2015
|
Favelle Favco Cranes (M) Sdn Bhd
|
EA Technique (M) Berhad
|
Supply of Offshore Crane
|
which is expected to be delivered by early of 2016
|
Kroll Cranes A/S
|
Energy Solution Management Co., Ltd
|
Supply of Tower Crane
|
which is expected to be delivered by early of 2016
|
The approximate combined value of the above substantial orders secured amount to RM85.7 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 2015 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 20 May 2015.