Favelle Favco clinches three tower crane contracts worth RM84.9 mil

KUALA LUMPUR (May 11): Favelle Favco Bhd (FFB) has secured three contracts for the supply of tower cranes worth a total of RM84.9 million.

The contracts, to be delivered by the second quarter of next year, were awarded to its wholly-owned subsidiaries Kroll Cranes A/S and Favelle Favco Cranes Pty Limited.

The names of the clients are G A Caelli Holdings Trust, Aarsleff BIZ Sp. z o.o. and Afcons Infrastructure Ltd, the crane manufacturer told Bursa Malaysia on Thursday (May 11).

“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,” it added.

In March, FFB secured two contracts for the supply of tower and offshore cranes from Samsung Heavy Industries Co Ltd and Malaysia Marine and Heavy Engineering Sdn Bhd (a wholly-owned unit of Malaysia Marine and Heavy Engineering Holdings Bhd) with a combined value of RM95 million.

Favelle Favco’s share price, which has risen 12.94% year to date, closed at RM1.92 on Thursday. This gives the group a market capitalization of RM451.03 million.