The Board of Directors of Favelle Favco Berhad ("FFB") wishes to announce that Carigali Hess Operating Company Sdn Bhd (“CHOC”) has filed arbitration proceedings against Favelle Favco Cranes (M) Sdn Bhd (“FFCM”), a wholly-owned subsidiary of FFB, for a claim of USD 6,322,400-68 in respect of an incident involving a Favelle Favco crane.
FFCM is disputing and challenging the claim and the management are of the opinion that it is premature to assess the outcome of the actions at this point in time.
This announcement is dated 10 June 2016.
