Favelle Favco gets tower crane contracts worth RM78.3 million

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KUALA LUMPUR (May 15): Units of Favelle Favco Bhd have secured a total of six contracts for the supply of tower cranes, worth a cumulative RM78.3 million.

In a bourse filing today, it said its wholly-owned subsidiaries, Favelle Favco Cranes Pty Ltd, Favelle Favco Cranes (M) Sdn Bhd and Favelle Favco Cranes Pte Ltd, had received the purchase orders from March 2019 up to the date of announcement.

The contracts are expected to be delivered between the second quarter of 2019 and first quarter of 2020.

“The above contracts are expected to contribute positively to the earnings and net assets of Favelle for the financial year ending Dec 31, 2019 and beyond,” it said.

Favelle Favco closed three sen or 1.12% lower at RM2.65, for a market capitalisation of RM587.32 million.