| Company Name | : | FAVELLE FAVCO BERHAD |
| Stock Name | : | FAVCO |
| Date Announced | : | 21 Jul 2021 |
| Category | : | General Announcement for PLC |
| Reference Number | : | GA1-21072021-00061 |
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 subsidiary, Favelle Favco Cranes Pte Ltd, Favelle Favco Cranes (M) Sdn Bhd, Favelle Favco Cranes Pty. Limited, Kroll Cranes A/S and Exact Automation Sdn Bhd had received the following purchase orders or Letter of Intent (“Contracts”) respectively from 7 June 2021 and up to the date of announcement:-
| Contracts secured by | Customer | Brief description of the Contracts | Duration of the Contracts |
| Favelle Favco Cranes Pte Ltd | Federal Hardware Engineering Co. Pte. Ltd. | Supply of Offshore Crane | which is expected to be delivered by second quarter of 2022 |
| Favelle Favco Cranes (M) Sdn Bhd | Hyundai Engineering And Construction Co., Ltd | Supply of Offshore Crane | which is expected to be delivered by third quarter of 2022 |
| Favelle Favco Cranes Pty. Limited | G A Caelli Holdings Trust | Supply of Tower Crane | which is expected to be delivered by end of 2021 |
| Kroll Cranes A/S | Afcons Infrastructure Limited | Supply of Tower Crane | which is expected to be delivered by third quarter of 2022 |
| Exact Automation Sdn Bhd | Advance Gas Turbine Solutions Sdn Bhd | Compressor System (“CCC”) Manpower | which is expected to be delivered by October 2021 |
| Exact Automation Sdn Bhd | Malaysia LNG Sdn Bhd | Upgrade Work | which is expected to be delivered from July 2021 to September 2021 |
| Exact Automation Sdn Bhd | Muhibbah Marine Engineering Sdn Bhd | Solar System | which is expected to be delivered by November 2021 |
| Exact Automation Sdn Bhd | PTTEP SARAWAK OIL LIMITED | PLC Upgrade Work | which is expected to be mobilized with effect from October 2021 |
The approximate combined value of the above substantial orders secured amount to RM121.1 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 2021 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 21 July 2021.