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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 21 Jul 2021
Category General Announcement for PLC
Reference Number GA1-21072021-00061

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 subsidiary, Favelle Favco Cranes Pte Ltd, Favelle Favco Cranes (M) Sdn Bhd, Favelle Favco Cranes Pty. Limited, Kroll Cranes A/S and Exact Automation Sdn Bhd had received the following purchase orders or Letter of Intent (“Contracts”) respectively from 7 June 2021 and up to the date of announcement:- 

Contracts secured by

Customer

Brief description of the Contracts

Duration of the Contracts

Favelle Favco Cranes Pte Ltd

Federal Hardware Engineering Co. Pte. Ltd.

Supply of Offshore Crane

which is expected to be delivered by second quarter of 2022

Favelle Favco Cranes (M) Sdn Bhd

Hyundai Engineering And Construction Co., Ltd

Supply of Offshore Crane

which is expected to be delivered by third quarter of 2022

Favelle Favco Cranes Pty. Limited

G A Caelli Holdings Trust

Supply of Tower Crane

which is expected to be delivered by end of 2021

Kroll Cranes A/S

Afcons Infrastructure Limited

Supply of Tower Crane

which is expected to be delivered by third quarter of 2022

Exact Automation Sdn Bhd

Advance Gas Turbine Solutions Sdn Bhd

Compressor System (“CCC”) Manpower

which is expected to be delivered by October 2021

Exact Automation Sdn Bhd

Malaysia LNG Sdn Bhd

Upgrade Work

which is expected to be delivered from July 2021 to September 2021

Exact Automation Sdn Bhd

Muhibbah Marine Engineering Sdn Bhd

Solar System

which is expected to be delivered by November 2021

Exact Automation Sdn Bhd

PTTEP SARAWAK OIL LIMITED

PLC Upgrade Work

which is expected to be mobilized with effect from October 2021

The approximate combined value of the above substantial orders secured amount to RM121.1 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 2021 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 21 July 2021.

    
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