Favelle Favco Group secures crane contracts worth RM55 mln

KUALA LUMPUR, May 6 (Bernama) — Favelle Favco Bhd (FFB), by means of its wholly-owned subsidiaries, has secured 4 contracts price RM55 million for the provide of tower cranes and offshore cranes.

The crane producer stated Favelle Favco Cranes Pty Ltd (Australia), Favelle Favco Crane (M) Sdn Bhd and Favelle Favco Cranes Pte Ltd (Singapore) are anticipated to ship the cranes this 12 months and in 2023.

Favelle Favco Cranes Pty Ltd is scheduled to ship tower cranes to Marr Contracting Pty Ltd and GA Caelli Holdings Trust by mid-2022 and finish of this 12 months, respectively, FFB stated in a submitting with Bursa Malaysia immediately.

Meanwhile, its different two subsidiaries will provide offshore cranes to SR Marine Services Sdn Bhd and Yinson Bergenia Production BV by the third quarter of this 12 months 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 stated.

FFB added that the contracts should not have any impression on share capital and shareholding construction of FFB.

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



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