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Favelle Favco Group secures crane contracts worth RM55 mln

06/05/2022 07:24 PM

KUALA LUMPUR, May 6 (Bernama) -- Favelle Favco Bhd (FFB), through its wholly-owned subsidiaries, has secured four contracts worth RM55 million for the supply of tower cranes and offshore cranes.

The crane manufacturer said Favelle Favco Cranes Pty Ltd (Australia), Favelle Favco Crane (M) Sdn Bhd and Favelle Favco Cranes Pte Ltd (Singapore) are expected to deliver the cranes this year and in 2023.

Favelle Favco Cranes Pty Ltd is scheduled to deliver tower cranes to Marr Contracting Pty Ltd and GA Caelli Holdings Trust by mid-2022 and end of this year, respectively, FFB said in a filing with Bursa Malaysia today.

Meanwhile, its other two subsidiaries will supply offshore cranes to SR Marine Services Sdn Bhd and Yinson Bergenia Production BV by the third quarter of this year and second quarter of 2023, respectively.

“The above contracts are expected to contribute positively to the earnings and net assets of FFB for the financial year ending Dec 31, 2022 and beyond,” it said.

FFB added that the contracts do not have any impact on share capital and shareholding structure of FFB.

At the close today, FFB shares jumped 22.87 per cent to RM3.17 with 4.26 million shares transacted.



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