06.07.2007

Malaysia frees-up crane purchasing

The Malaysian government has lifted its restrictions on the purchase of cranes in order to help step up growth in the construction sector.

Prime Minister Datuk Seri Abdullah Ahmad Badawi announced the change yesterday (Thursday) after chairing an Iskandar Regional Development Agency meeting in Johor.

This means, he said: "companies can now source for cranes from any company, as against from only one particular company as required by regulation before this".

"The Cabinet has decided on this as the construction sector has been performing very well, having grown by four percent in the first quarter and it needs more cranes," he told reporters

Favelle Favco, the Malaysian based crane manufacturer was floated on the stock exchange last year.