DESTINI Annual Report 2018

7. Investment in Joint Ventures (Cont’d) Details of the joint ventures are as follows: On 16 Jan 2018, Destini Oil Services Sdn. Bhd. (“DOS”), a wholly-owned subsidiary of the Company, entered into a Joint Venture and Shareholders Agreement with a joint venture partner to form a jointly controlled entity, Federal Destini (S) Pte. Ltd. (“FDSPT”) at equal basis of equity interest in FDSPT held by both parties. DOS subscribed 100,000 ordinary shares, representing 50% equity interest in FDSPT for cash consideration of SGD100,000 (equivalent to RM296,770). On 8 June 2018, Invation Aero Sdn. Bhd. allotted 1,000,000 new ordinary shares to its existing shareholders, Destini Aviation (“DASB”), a wholly owned subsidiary of the Company and a joint venture partner at equal basis of equity interest. DASB subscribed 500,000 new ordinary shares in IASB for cash consideration of RM500,000. There is no change in ownership interest after the share subscription. There are no commitment nor contingent liabilities relating to the Group’s interest in the joint ventures. Name of company Country of Incorporation Effective equity interest Principal activities 2018 2017 % % 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 DESTINI BERHAD ANNUAL REPORT 2018 153