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FAVELLE FAVCO BERHAD ("FFB" or "the Company") ACCEPTANCE OF PURCHASE ORDERS

Company Name FAVELLE FAVCO BERHAD
Stock Name FAVCO
Date Announced 23 Sep 2020
Category General Announcement for PLC
Reference Number GA1-23092020-00037

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 wholly-owned subsidiaries, Favelle Favco Cranes (M) Sdn Bhd, Favelle Favco Cranes (USA), Inc. and Favelle Favco Cranes Pty. Limited had received the following purchase orders or Letter of Intent (“Contracts”) respectively from 27 August 2020 and up to the date of announcement:- 

Contracts secured by
Customer
Brief description of the Contracts
Duration of the Contracts
Favelle Favco Cranes (M) Sdn Bhd
ExxonMobil Exploration and Production Malaysia Inc.
Supply of Offshore Crane
which is expected to be delivered by first quarter of 2021
Favelle Favco Cranes (USA), Inc.
TES, Inc
Supply of Tower Crane
which is expected to be delivered by second quarter of 2021
Favelle Favco Cranes Pty. Limited
Noronha Holdings t/as Rhemza Cranes
Supply of Tower Crane
which is expected to be delivered by end of 2020

The approximate combined value of the above substantial orders secured amount to RM56.1 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 2020 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 23 September 2020.

    
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