KUALA LUMPUR (July 21): Favelle Favco Bhd has secured purchase orders for offshore cranes, tower cranes, compressor system manpower, upgrade work and solar system with a combined value of RM121.1 million.
The construction cranes manufacturer said in a bourse filing that the purchase orders were secured by its subsidiaries 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.
The customers are Federal Hardware Engineering Co Pte Ltd, Hyundai Engineering and Construction Co Ltd, G A Caelli Holdings Trust, Afcons Infrastructure Limited, Advance Gas Turbine Solutions Sdn Bhd, Malaysia LNG Sdn Bhd, Muhibbah Marine Engineering Sdn Bhd and PTTEP Sarawak Oil Ltd.
According to Favelle Favco, the orders are expected to be delivered by between the end of this year and the third quarter of 2022.
“The above contracts are expected to contribute positively to the earnings and net assets of Favelle Favco for the financial year ending December 31, 2021 and beyond,” it said.
Favelle Favco closed two sen or 0.91% higher at RM2.21 today, valuing the group at RM490.43 million.