Favelle Favco wins two contracts worth RM95 mil

KUALA LUMPUR (March 15): Construction crane manufacturer Favelle Favco Bhd (FFB) has secured two contracts with a combined value of about RM95 million.

One of them is a contract for the supply of a tower crane, awarded to FFB's subsidiary Kroll Cranes A/S by Samsung Heavy Industries Co Ltd.

The crane is expected to be delivered by the second quarter of 2024, according to FFB's bourse filing.

The other contract is for the supply of an offshore crane, awarded to another FFB subsidiary, Favelle Favco Cranes (M) Sdn Bhd, by Malaysia Marine and Heavy Engineering Sdn Bhd.

It will be delivered on a staggered basis from the first quarter to the second quarter of 2024, the group said.

“The above contracts are expected to contribute positively to the earnings and net assets of FFB for the financial year ending Dec 31,2023 and beyond,” said FFB.

Shares of FFB closed up three sen or 1.66% at RM1.84 on Wednesday (March 15), valuing the group at RM432.24 million.