DESTINI Annual Report 2020

8. Investment in Joint Ventures Group 2020 2019 RM RM In Malaysia: At Cost Unquoted shares 1,000,001 1,296,771 Less: Share of post acquisition reserve (1,000,001) (1,296,771) - - Name of company Country of Incorporation Effective equity interest Principal activities 2020 2019 % % Destini Avia Technique Sdn. Bhd. (“DATSB”) Malaysia 50 50 Specialise in maintenance, repair and overhaul for aircraft components and equipment catered to commercial aviation sector Invation Aero Sdn Bhd. (“IASB”)* Malaysia 50 50 Sale of rotary wing and fixed wing aircraft, supply and provision of maintenance, repair and overhaul services and other related services Federal Destini (S) Pte. Ltd. (“FDSPT”)* Singapore - 50 Drilling and related services, well intervention services, offshore greenfield development and decommissioning services in the South Asia and South-East Asia region * Joint ventures not audited by UHY Details of the joint ventures are as follows: During the financial year FDSPT, a joint venture of the Destini Oil Services Sdn. Bhd. had on an Extraordinary General Meeting held on 14 July 2020 approved on capital reduction and cancelled 100,000 issued and paid-up share capital of the Company amounting to approximately RM352,454, and had on 1 October 2020, being striking off. The striking off did not have any material effect on the financial results and position of the Group. There are no commitment nor contingent liabilities relating to the Group’s interest in the joint ventures. ANNUAL REPORT 2020 DESTINI BERHAD Notes to Financial Statements 143