FAVCO (7229) FAVELLE FAVCO BHD secures RM37.1m purchase orders

FAVCO (7229) FAVELLE FAVCO BHD  secures RM37.1m purchase orders

KUALA LUMPUR (Oct 26): Favelle Favco Bhd said Tuesday it had secured purchase orders for tower cranes, offshore cranes, supervisory control and data acquisition system with a combined value of RM37.1 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 Pte Ltd, and Exact Automation Sdn Bhd.

The customers are G A Caelli Holdings Trust, Saipem S.P.A, Thien Nam Offshore Services JSC and Rockwell Automation Southeast Asia Pte Ltd.

The orders are expected to be delivered between early 2022 and the end of 2022.

“The above contracts are expected to contribute positively to the earnings and net assets of Favelle Favco for the financial year ending Dec 31, 2021 and beyond,” said Favelle Favco.

Favelle Favco closed one sen or 0.42% lower at RM2.35 on Tuesday, valuing the group at RM530.74 million.

http://www.theedgemarkets.com/article/favelle-favco-secures-rm371m-purchase-orders