INTRODUCTION
The Board of Directors of FFB is pleased to announce that its wholly-owned subsidiary, Favelle Favco Cranes (M) Sdn Bhd, Favelle Favco Cranes Pte Ltd, Favelle Favco Cranes Pty. Limited and Exact Automation Sdn Bhd had received the following purchase orders or Letter of Intent (“Contracts”) respectively from 17 October 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 (M) Sdn Bhd
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Malaysia Marine and Heavy Engineering Sdn Bhd
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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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PTTEP Sarawak Oil 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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Emdad LLC
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Supply of Offshore Crane
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which is expected to be delivered by end of 2020
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Favelle Favco Cranes (M) Sdn Bhd
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PTT Exploration and Production Public Company Limited
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Supply of Offshore Crane
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Staggered delivery from third quarter of 2020 to first quarter of 2021
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Favelle Favco Cranes Pte Ltd
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PTSC Mechanical & Construction Limited Company
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Supply of Offshore Crane
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which is expected to be delivered by end of 2020
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Favelle Favco Cranes Pty. Limited
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Crema Constructions Pty Ltd
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Supply of Tower Crane
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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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Sarawak Shell Berhad
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Compressor 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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Kebabangan Petroleum Operating Company Sdn Bhd
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Replacement of Flare Pips
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which is expected to be delivered by first quarter of 2020
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The approximate combined value of the above substantial orders secured amount to RM68.8 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.
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 25 November 2019.
