DESTINI Annual Report 2020

Utilisation of Proceeds The Company proposed to undertake a private placement of up to 231,046,059 newordinary shares in Destini, representing up to 20% of the total number of issued shares in Destini to third party investor(s) (“Private Placement I”). The Private Placement I was completed on 6 August 2020. Total proceeds raised in the Private Placement exercise is RM40,587,350 is as follows On 25 September 2020, UOB Kay Hian Securities (M) Sdn Bhd (“UOBKH”), had on behalf of Destini, announced that Destini proposed to undertake a private placement of up to 277,255,271 new Destini shares, representing 20% of the issued and paid up share capital of Destini (“Private Placement II”). The Private Placement II comprising 139,000,000 Placement Shares at RM0.2200 per Placement Share. The issue price of RM0.2200 per Placement Share represents a discount of approximately 8.45% to the 5-day VWAP of Destini Shares up to and including 25 November 2020, being the last traded day of Destini Shares immediately preceding the price-fixing date of RM0.2403 per Destini Share. The shares were listed on 3 December 2020; and The status of the utilisation of proceeds from proceeds raised in the Private Placement II exercise of RM30,580,000 is as follows: Additional Compliance Information Purpose Proposed Utilisation (RM) Actual Utilisation (RM) Intended Timeframe for utilization Repayment of bank borrowings 21,000,000 18,918,069 Within 2 months Working capital: -Existing project 22,000,000 19,818,932 Within 6 months -New projects 1,000,000 900,860 Within 24 months -General requirements 773,982 697,249 Within 24 months Estimated expenses in relation to the Proposed Private Placement 280,000 252,240 Within 1 month Total 45,053,982 40,587,350 Purpose Proposed Utilisation (RM) Actual Utilisation (RM) Intended Timeframe for utilization Working capital for new projects 50,000,000 2,394,010 Within 24 months Working capital for existing projects 28,135,986 28,135,986 Within 24 months Expenses 50,000 50,000 Upon completion of Private Placement Total 78,185,986 30,580,000 70 ANNUAL REPORT 2020 DESTINI BERHAD