INTRODUCTION
The Board of Directors of FFB is pleased to announce that its wholly-owned subsidiary, Kroll Cranes A/S, Favelle Favco Cranes Pte. Ltd and Favelle Favco Cranes (M) Sdn Bhd had received the following purchase orders or Letter of Intent (“Contracts”) respectively in the month of September 2016, October 2016 and up to the date of announcement:-
Contracts secured by
|
Customer
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Brief description of the Contracts
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Duration of the Contracts
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Kroll Cranes A/S
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HHIC-Phil Korea
|
Supply of Tower Crane
|
which is expected to be delivered by second quarter of 2017
|
Favelle Favco Cranes Pte. Ltd
|
Federal Hardware Engineering Co. Pte Ltd
|
Supply of Offshore Crane
|
which is expected to be delivered from second quarter of 2017 to third quarter of 2017
|
Kroll Cranes A/S
|
Energy Solution Management Co. Ltd
|
Supply of Tower Crane
|
which is expected to be delivered by second quarter of 2017
|
Favelle Favco Cranes (M) Sdn Bhd
|
MISC Offshore Floating Terminals (L) Limited
|
Supply of Offshore Crane
|
which is expected to be delivered by end of 2017
|
The approximate combined value of the above substantial orders secured amount to RM70.6 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 2016 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 is in the best interest of FFB.
This announcement is dated 2 November 2016.