| Company Name | : | FAVELLE FAVCO BERHAD |
| Stock Name | : | FAVCO |
| Date Announced | : | 20 Sept 2013 |
| Category | : | General Announcement |
| Reference Number | : | CC-130920-1D713 |
OTHERS FAVELLE FAVCO BERHAD ("FFB" or "the Company") ACCEPTANCE OF PURCHASE ORDERS
FAVELLE FAVCO BERHAD
| Type | Announcement |
| Subject | OTHERS |
| Description | FAVELLE FAVCO BERHAD ("FFB" or "the Company") ACCEPTANCE OF PURCHASE ORDERS |
INTRODUCTION
The Board of Directors of FFB is pleased to announce that its wholly-owned subsidiaries, Favelle Favco Cranes Pte Ltd, Favelle Favco Cranes (M) Sdn Bhd and Favelle Favco Cranes Pty Ltd had received the following purchase orders or Letter of Intent (“Contracts”) respectively in the months of August 2013 and September 2013:-
|
Contracts secured by |
Customer |
Brief description of the Contracts |
Duration of the Contracts |
|
Favelle Favco Cranes (M) Sdn Bhd |
Thai Nippon Steel & Sumikin Engineering & Construction Corp., Ltd. |
Supply of Offshore Crane |
which is expected to be delivered by third quarter of 2014 |
|
Favelle Favco Cranes Pte Ltd |
PPL Shipyard Pte Ltd |
Supply of Offshore Crane |
which is expected to be delivered from early of 2015 to third quarter of 2015 |
|
Favelle Favco Cranes Pty Ltd |
BP Exploration (Shah Deniz) Limited |
Supply of Offshore Crane |
which is expected to be delivered from end of 2014 to early of 2015 |
|
Favelle Favco Cranes (M) Sdn Bhd |
China Merchants Heavy Industry (Jiangsu) Co., Ltd |
Supply of Offshore Crane |
which is expected to be delivered from end of 2014 to early of 2015 |
The approximate combined value of the above substantial orders secured amount to RM120.7 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 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 20 September 2013.