Favelle Favco bags six contracts worth RM130.8 mil

KUALA LUMPUR (Sept 26): Crane manufacturer Favelle Favco Bhd has bagged six orders worth a combined RM130.8 million from various customers, with delivery ranging from end of 2022 to second quarter of 2025.

In a Bursa Malaysia filing on Monday (Sept 26), Favelle Favco said it has received purchase orders to supply tower cranes to Marr Contracting Pty Ltd, OREC Engineering Holdings Pty Ltd, Lindores Construction Logistics Pty Ltd and Favco Heavy Industry (Changshu) Co Ltd.

Apart from that, it also received purchase orders to supply offshore cranes to McDermott Middle East Inc and powerpack to Zachry Industrial Inc.

"The contracts are expected to contribute positively to the group's earnings and net assets for the financial year ending Dec 31, 2022 and beyond. The contracts do not have any impact on the share capital and shareholding structure of Favelle Favco," said Favelle Favco.

Favelle Favco shares closed down three sen or 1.89% at RM1.56 on Monday, bringing it a market capitalisation of RM366.46 million.