General Announcement
Reference No CC-110217-52860
| Company Name | : | FAVELLE FAVCO BERHAD |
| Stock Name | : | FAVCO |
| Date Announced | : | 17 Feb 2011 |
| Type | : | Announcement |
| Subject | : | OTHERS |
| Description | : |
FAVELLE FAVCO BERHAD ("FFB" or "the Company")
ACCEPTANCE OF PURCHASE ORDERS
|
Announcement Details/Table Section :
INTRODUCTION
The Board of Directors of FFB is pleased to announce that its wholly-owned subsidiary, Kroll Cranes A/S, Favelle Favco Cranes (M) Sdn Bhd and Favelle Favco Cranes Pte Ltd had received the following purchase orders or Letter of Intent (“Contracts”) respectively in the months of December 2010, January 2011 and February 2011:-
| Contracts secured by | Customer | Brief description of the Contracts | Duration of the Contracts |
| Kroll Cranes A/S | West Contractors A/S | Supply of Tower Crane | which is expected to be delivered by end of 2011 |
| Favelle Favco Cranes (M) Sdn Bhd | Favco International (Shanghai) Co., Ltd. | Supply of Tower Crane | which is expected to be delivered by early of 2011 |
| Favelle Favco Cranes (M) Sdn Bhd | Bumi Armada Berhad | Supply of Offshore Crane | which is expected to be delivered by mid of 2011 |
| Favelle Favco Cranes (M) Sdn Bhd | Global Tender Barges Drilling Services Sdn Bhd | Supply of Offshore Crane | which is expected to be delivered by early of 2011 |
| Favelle Favco Cranes (M) Sdn Bhd | Coast Center Base AS | Supply of Port Crane | which is expected to be delivered by early of 2012 |
| Favelle Favco Cranes (M) Sdn Bhd | National Petroleum Construction Company | Supply of Offshore Crane | which is expected to be delivered by end of 2011 |
| Favelle Favco Cranes Pte Ltd | Keppel Fels Limited | Supply of Offshore Crane | which is expected to be delivered from end 2011 to mid of 2012 |
| Favelle Favco Cranes (M) Sdn Bhd | Joffren Omar Company Sendirian Berhad | Supply of Offshore Crane | which is expected to be delivered by early of 2012 |
The approximate combined value of the above substantial orders secured amount to RM123.2 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 2011 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.