Thursday, December 1, 2011

Favelle Favco mulls crane manufacturing in China

KUALA LUMPUR (Dec 1): FAVELLE FAVCO BHD [] is mulling plans to manufacture cranes in China following its acquisition of a 60% stake in a Shanghai Favco Engineering Machinery Manufacturing Co Ltd for 10.8 million renminbi or RM5.33 million.

It said on Thursday it had subscribed for 10.80 million shares of 1.0 renminbi each in Shanghai Favco.

To recap, Shanghai Favco was incorporated in China on Dec 18, 2009'' with an authorised share capital of 21 million renminbi.'' It is presently dormant and plans are for it to manufacture cranes.

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