DESTINI Annual Report 2019

Material Contracts There was no material contract entered into by the Company and/or its subsidiaries involving Directors’ and major shareholders’ interests. Contracts Relating to Loans There was no material contract relating to loans entered into by the Company involving Directors and major shareholders. Recurrent Related Party Transactions of a Revenue Nature Save for such disclosure made in note 39 to the audited consolidated financial statements on page 178 and 179 of this Annual Report, there were no material recurrent related party transactions of revenue nature during the financial year ended 31 December 2019. Audit and Non-Audit Fees Paid to External Auditors Audit and Non-Audit Fees Paid to External Auditors During the financial year, the amount of audit and non-audit fees paid/payable to the external auditors by the Company and the Group respectively for the financial year ended 31 December 2019 were as follows: Utilisation of Proceeds On 30 December 2019, the Company had completed with the listing and quotation of 25,000,000 new ordinary shares on the Main Market of Bursa Malaysia Securities Berhad for the first tranche of the 20% Private Placement at an issue price of RM0.2172. The total proceeds received from the first tranche of the 20% Private Placement was RM5,430,000.00 and the status of the utilisation of proceeds is as follows: 05 GOVERNANCE ADDITIONALCOMPLIANCE INFORMATION Purpose Proposed Utilisation (RM) Actual Utilisation (RM) Intended Timeframe for utilization Repayment of bank borrowings 21,000,000 5,150,000 Within 2 months Working capital: - Existing project 22,000,000 - Within 6 months - New projects 1,000,000 - Within 24 months - General requirements 773,982 - Within 24 months Estimated expenses in relation to the Proposed Private Placement 280,000 280,000 Within 1 month Total 45,053,982 5,430,000 Company (RM) Group (RM) Audit Services Rendered 105,000 798,419 Non-Audit Services Rendered (a) Review of Statement on Risk Management and Internal Control 5,000 5,000 DESTINI BERHAD 076