By Stella Goh

According to the construction cranes manufacture Favelle Favco Berhad, it has secured three contracts with a total worth RM56.1 million in purchase orders for its cranes since 27 August 2020. The contracts were secured through its subsidiaries known as Favelle Favco Cranes (M) Sdn Bhd, Favelle Favco Cranes (USA) Inc and Favelle Favco Cranes Pty Ltd.

The company said its subsidiary Favelle Favco Cranes (M) Sdn Bhd will be supplying an offshore crane to ExxonMobile Exploration and Production Malaysia Inc. It is expected to be delivered in the first quarter of 2021 (1Q2021). The other two subsidiaries, Favelle Favco Cranes (USA) Inc and Favelle Favco Pty Ltd, have won contracts to supply tower cranes to TES Inc and Noronha Holdings Pts Ltd (trading as Rhemza Cranes Pty Ltd) respectively. The tower cranes are to be delivered by 2Q2021 and 4Q2020 respectively.

According to the group, the above contracts are expected to contribute positively to the earnings and net assets of Favelle Favco for the financial year ending 31 December 2020 and beyond. The contract does not have any impact on the share capital and shareholding structure of Favelle Favco.

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