Utilisation of Proceeds On 25 September 2020, UOB Kay Hian Securities (M) Sdn Bhd, on behalf of Destini, announced that Destini proposed to undertake a private placement of up to 277,255,271 new ordinary shares in Destini (“Placement Shares”), representing up to 20% of the total number of issued shares in Destini to third party investor(s) (“Private Placement”). On 3 December 2020, 139,000,000 Placement Shares at RM0.2200 per Placement Share were listed and on 8 September 2021, another 138,225,271 Placement Shares at RM0.1870 per Sharewere listed and quoted on 8September 2021. The Private Placement was completed on 8 September 2021. Total proceeds raised in the Private Placement exercise is RM50,433,735 and the status of utilization of the proceeds is as follows:- 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 2020 were as follows: 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 Therewas nomaterial contract relating to loans entered into by the Company involving Directors andmajor shareholders. Recurrent Related Party Transactions of a Revenue Nature There were no recurrent related party transactions of revenue nature entered during the financial year ended 31 December 2021. Purpose Proposed Utilisation (RM) Actual Utilisation (RM) Intended Timeframe for utilization Working capital for new projects 50,000,000 28,247,745 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 50,433,735 Company (RM) Group (RM) Audit Services Rendered 125,000 662,028 Non-Audit Services Rendered (a) Review of Statement on Risk Management and Internal Control 5,000 5,000 ADDITIONAL COMPLIANCE INFORMATION 70 DESTINI BERHAD • ANNUAL REPORT 2021
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