INTRODUCTION
The Board of Directors of FFB is pleased to announce that its wholly-owned subsidiary, Favelle Favco Cranes (USA), Inc, Favelle Favco Cranes Pty. Limited, 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 month of January 2014 and up to the date of announcement:-
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Contracts secured by
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Customer
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Brief description of the Contracts
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Duration of the Contracts
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Favelle Favco Cranes (USA), Inc
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TES, Inc
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Supply of Tower Crane
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which is expected to be delivered by third quarter of 2014
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Favelle Favco Cranes Pty. Limited
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Lindores Construction Logistics
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Supply of Tower Crane
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which is expected to be delivered by second quarter of 2014
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Favelle Favco Cranes (M) Sdn Bhd
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China Merchants Heavy Industry (Shenzhen) Co Ltd
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Supply of Offshore Crane
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which is expected to be delivered from second quarter of 2015 to second quarter of 2016
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Favelle Favco Cranes (M) Sdn Bhd
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Thai Nippon Steel & Sumikin Engineering & Construction Corp., Ltd.
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Supply of Offshore Crane
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which is expected to be delivered by end of 2014
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Favelle Favco Cranes (M) Sdn Bhd
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Brunei Shell Petroleum Company Sdn. Bhd.
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Supply of Offshore Crane
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which is expected to be delivered by end of 2014
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Favelle Favco Cranes Pte Ltd
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PPL Shipyard Pte Ltd
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Supply of Offshore Crane
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which is expected to be delivered by second quarter of 2015
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The approximate combined value of the above substantial orders secured amount to RM88.1 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 2014 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 18 February 2014.
