2021 FEBRUARY Destini entered into a 70:30 joint venture and shareholders agreement with KTMB to enable to Group to expand its capabilities to provide heavy maintenance work on rail assets in Malaysia. AUGUST DOS secured an award from Repsol Oil and Gas Malaysia for the provision of Tubular Handling and Conductor Installation Equipment and Services. OCTOBER Destini inked a Memorandum of Understanding with Siemens Mobility Sdn Bhd for the latter to act as Destini’s Technical Assistance Advisor in providing MRO services for electrical trainset components in Malaysia. NOVEMBER • Destini entered into a Heads of Agreement with Indonesia State-Owned PT Industry Kereta Api (“PT INKA”) to identify and pursue opportunities in the railway system business sector and infrastructure projects in Indonesia, Malaysia and the region. • Destini divested its 51% stake in THHE Desitini Sdn Bhd to THHE to concentrate on its other investments. DECEMBER Destini secured its maiden solar project from Indah Water Konsortium Sdn Bhd (“IWK”) for the engineering, procurement, construction and commissioning of solar photovoltaic systems at IWK’s sewerage treatment plants across Malaysia. 2022 JANUARY • DPSB accepted a Letter of Award for the extension of an existing contract to provide MRO services and the supply of safety and survival equipment to RMAF for RM88 million. • DPSB accepted a Letter of Award to provide MRO services and the supply of component and spare parts for safety and survival equipment to the Malaysian Army’s Aviation Wing for RM0.99 million. MARCH DOS bagged a contract from EnQuest Petroleum Production Malaysia Ltd for the provision of tubular handling services off the coast of Terengganu. MAY M Rail Technics Sdn Bhd (“MRail”) accepted a contract worth RM531.39 million from the Ministry of Transport Malaysia for Level 4 MRO on 35 units of Six Car Train Sets operated by KTMB for four and a half years. JUNE Destini hands over six multipurpose armed reconnaissance helicopters model MD530G to the Royal Malaysian Army after the completion of its Final Acceptance Test. These assets are manufactured by MD Helicopter Inc., a company based in the United States of America. SEPTEMBER • MRail accepted a contract worth approximately RM163.61 million from the Ministry of Transport Malaysia for the provision of Level 4 MRO services of 10 Electric Trains Sets operated by KTMB. • Destini ESS Sdn Bhd, a 70% owned subsidiary of Destini Berhad, signed an exclusive distribution agreement with Alpha ESS International Pte Ltd, a Singapore-based company, to locally distribute energy storage systems for residential and commercial application, electric vehicle energy plus storage solution, and new products developed and manufactured by Alpha Ess Group. 2023 JUNE • DPSB accepted a letter of award from MinDef for the procurement of scheduled and unscheduled maintenance, testing, technical services (modification, training, publication and consultation) and supply of spare parts and related components, for the non-airborne equipment to the RMAF. The value of the contract is approximately RM25.44 million. • DPSB accepted a letter of award from the MinDef for the procurement, supply and delivery of 70MM rockets (2.72 inch) to the Malaysian Army. The value of the contract is approximately RM18.75 million. OVERVIEW 11 DESTINI BERHAD ANNUAL REPORT 2024
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