DESTINI Annual Report 2019

The Directors hereby present in submitting their report together with the audited financial statements of the Group and of the Company for the financial year ended 31 December 2019. Principal Activities The principal activities of the Company are those of investment holding and provision of management services. The principal activities of its subsidiaries are disclosed in Note 6 to the financial statements. There have been no significant changes in the nature of these activities during the financial year. Financial Results Group RM Company RM Net loss for the financial year 249,535,322 29,486,823 Attributable to: Owners of the Parent 247,822,866 29,486,823 Non-controlling interests 1,712,456 - 249,535,322 29,486,823 Reserves and Provisions There were no material transfers to or from reserves or provisions during the financial year other than as disclosed in the financial statements. Dividends There were no dividends proposed, declared or paid by the Company since the end of the previous financial year. The Board of Directors does not recommend any dividend in respect of the current financial year. Issue of Shares and Debentures During the financial year, the Company issued 25,000,000 new ordinary shares through first tranche of private placement at issue price of RM0.2172 for a total cash consideration of RM5,430,000 for working capital purposes. The new ordinary shares issued during the financial year rank pari passu in all respects with the existing ordinary shares of the Company. There was no issuance of debentures during the financial year. Options Granted Over Unissued Shares No options were granted to any person to take up unissued shares of the Company during the financial year apart from the issue of options pursuant to Employee Share Option Scheme (“ESOS”). DIRECTORS’ REPORT 06 FINANCIAL STATEMENTS DESTINI BERHAD 084