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KLSE:FAVCO

3 stories mentioning KLSE:FAVCOUpdated 22d ago

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Asia

Favelle Favco US Unit Hiy with Lawsuit Over 2023 New York Crane Incident

Favelle Favco (KLSE:FAVCO) U.S. unit, Favelle Favco Cranes (USA), is among 14 defendants hit with a lawsuit seeking $52.5 million in damages over a crane incident in New York in 2023.The company said the action was filed in the Supreme Court of the State of New York by Employers Insurance Company of Wausau. The claim relates to losses allegedly arising from a crane incident that occurred on July 26, 2023.Favelle Favco said its subsidiary's involvement was limited to supplying the crane and that neither the parent company nor the subsidiary owned, operated or maintained the crane at the time of the incident.The company has notified its insurer and said it does not currently expect the proceedings to have a material financial or operational impact on the group.

KLSE:FAVCO
Asia

Malaysian Shares Extend Gains Tracking Regional Rally; TFP Solutions' Shares Rise 7%

Malaysian shares extended gains to end the week in green zone, mirroring regional gains. The investor sentiment was positive on hopes of continued peace talks between the US and Iran.The FTSE Bursa Malaysia KLCI, the main gauge of Malaysian stocks, gained 17.22 points to end 1% higher at 1,679.05.In corporate news, shares of TFP Solutions (KLSE:TFP) gained over 7% on Friday's close after its unit, Softfac Technology signed an agreement with Pluotos Entertainment to become the exclusive ticketing management systems provider for the latter's future concerts, festivals and other ticketed entertainment events.Proton's (KLSE:PROTON) first-half vehicle sales surged 39.1% from a year earlier to 100,346 units. This marks the carmaker's strongest January-June performance in 15 years and places it halfway toward its 2026 sales target of 200,000 vehicles.Meanwhile, Favelle Favco (KLSE:FAVCO) unit, Favelle Favco Cranes (M) secured purchase orders and a letter of intent worth about 504 million ringgit to supply offshore and tower cranes. Shares gained marginally on Friday's close.Moreover, Ekonusa is gearing up for an initial public offering on the ACE Market of Bursa Malaysia, seeking a listing through a public issue of 121 million new shares and an offer for sale of 24 million existing shares.

FTSE Bursa Malaysia KLCIKLSE:FAVCOKLSE:PROTONKLSE:TFP
Asia

Favelle Favco Unit Bags MYR504 Million Offshore, Tower Cranes Supply Deals

Favelle Favco (KLSE:FAVCO) unit, Favelle Favco Cranes (M) secured purchase orders and a letter of intent worth about 504 million ringgit to supply offshore and tower cranes, according to a Thursday Malaysian bourse filing.The contracts include offshore crane orders from Floating Production Solutions, and Dialog E&C, both scheduled for delivery by the second quarter of 2027.It also received a tower crane order from Samsung C & T (KRX:028260), with deliveries running from the end of 2026 through the second quarter of 2027.Favelle Favco said a significant share of the new orders is tied to customers' investments in AI-related infrastructure.

KLSE:FAVCOKRX:028260

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