Favelle Favco Bhd, profiled in the September 2006 issue of Cranes Today, had a rocky financial history prior to being bought up by Muhibbah. Under Malaysian stewardship it has seen orders increase, with an order backlog now standing at around MYR350m ($96.15m). With the new listing, FFB raised around MYR26.4m ($7.25m), increasing its capital to MYR84m ($23m).

The firm explained that aroound MYR10m will be used to pay off bank borrowing, with MYR8.5m going to repay debts to its parent company. MYR3m will be invested in R&D, with MYR2.9m set aside for working capital and the remaining MYR2m spent on listing expenses.

Favelle Favco has recently announced a series of new orders. A contract to build two new luffing boom cranes for LCR Lindores Group will raise AUD9.16m ($7.05m). CEO and deputy MD Mac Chung Hui has also predicted 2007 sales exceeding MYR200m ($55m), according to the New Strait Times, and announced new deals in Australia, Singapore and Holland for oil and gas cranes valued at MYR63m.