INTRODUCTION
The Board of Directors of FFB is pleased to announce that its wholly-owned subsidiary, Favelle Favco Cranes Pty. Limited, Favelle Favco Cranes (M) Sdn Bhd, Favelle Favco Cranes Pte Ltd and Exact Automation Sdn Bhd had received the following purchase orders or Letter of Intent (“Contracts”) respectively from September 2019 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 Pty. Limited
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Marr Contracting Pty Ltd
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Supply of Tower Crane
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which is expected to be delivered by third quarter of 2020
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Favelle Favco Cranes Pty. Limited
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G A Caelli Holdings Trust
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Supply of Tower Crane
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which is expected to be delivered by end of 2019
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Favelle Favco Cranes (M) Sdn Bhd
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MEB Construction Sdn Bhd
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Supply of Offshore Crane
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which is expected to be delivered by end of 2019
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Favelle Favco Cranes Pte Ltd
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Keppel Shipyard Limited
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Supply of Offshore Crane
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which is expected to be delivered by third quarter of 2020
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Favelle Favco Cranes (M) Sdn Bhd
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MEB Construction Sdn Bhd
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Supply of Offshore Crane
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which is expected to be delivered by second quarter of 2020
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Favelle Favco Cranes (M) Sdn Bhd
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Armada Madura EPC Limited
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Supply of Offshore Crane
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which is expected to be delivered by third quarter of 2020
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Exact Automation Sdn Bhd
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Sarawak Shell Berhad
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Hardware Upgrade Project
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which is expected to be delivered by end of 2019
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Exact Automation Sdn Bhd
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Kebabangan Petroleum Operating Company Sdn Bhd
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Programmatic Logic Controller System
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which is expected to be delivered by first quarter of 2020
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Exact Automation Sdn Bhd
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Nov Process & Flow Technologies Malaysia Sdn Bhd
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Programmatic Logic Controller System
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which is expected to be delivered by end of 2019
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The approximate combined value of the above substantial orders secured amount to RM77.2 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 2019 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 except the Contracts with MEB Construction Sdn Bhd, whereby the approval on the Recurrent Related Party Transactions of a Revenue or Trading Nature was sought at the Twenty-Seventh Annual General Meeting of the Company held on 12 June 2019.
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 16 October 2019.
