INTRODUCTION
The Board of Directors of FFB is pleased to announce that its subsidiaries, Favelle Favco Cranes (M) Sdn Bhd, Favelle Favco Cranes Pty Limited and Sedia Teguh Sdn Bhd had received the following purchase orders or Letter of Intent (“Contracts”) respectively from 30 November 2023 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 |
Servizi Energia Italia S.p.A |
Supply of Offshore Crane |
which is expected to be delivered by end of 2024 |
Favelle Favco Cranes Pty Limited |
Resolution Rigging Services Pty Ltd |
Supply of Tower Crane |
which is expected to be delivered by mid of 2024 |
Sedia Teguh Sdn Bhd |
E&P O&M Services Sdn Bhd |
New machinery replacement |
which is expected to be completed by end of 2024 |
Sedia Teguh Sdn Bhd |
Petron Malaysia Refining & Marketing Berhad |
New machinery replacement |
which is expected to be completed by end of 2024 |
Sedia Teguh Sdn Bhd |
Petronas Carigali Sdn Bhd |
New machinery replacement |
which is expected to be completed by mid of 2024 |
The approximate combined value of the above substantial orders secured amounting to RM79.4 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 2024 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 17 January 2024. |
