JULY • DOS accepted the Service Order from Northern Gulf Petroleum Pte Ltd for the Provision of Conductor Hammering and Tubular Running Services to support Rossukon Project, Gulf of Thailand, located at Rossukan field, block G6/48, offshore Gulf of Thailand, Kingdom of Thailand. The value of the contract is approximately USD 488,000.00. • DPSB accepted a contract from the MinDef for the supply of Non-proprietary aircraft spare parts for the RMAF for a contract ceiling. For the contract ceiling of RM403.8 million, to be shared with 29 other contractors. The contract will expire on 30 June 2025. SEPTEMBER • DPSB accepted a letter of award from MinDef for the procurement, supply and delivery of FZ Rocket Motor to the RMAF. The value of the contract is RM19.04 million. • Destini Energy Sdn. Bhd entered into a non-binding Collaboration Agreement with Maxland Energy Sdn. Bhd., a wholly-owned subsidiary of Priceworth International Berhad, currently known as Maxland Berhad. The parties shall collaborate with each other to develop and embark on renewable energy projects, including installation of solar panels at Indah Water Konsortium’s sewerage treatment plants, solar power projects in Sandakan, Malaysia and Victoria, Australia, and any other renewable energy projects to be secured by the Parties. • Destini on 15 September 2023, entered into a Memorandum of Understanding (“MOU”) with National Defence University of Malaysia to collaborate in the areas of Research and Innovation, Training and Industrial Collaboration Programme. 2024 MARCH On 13 March 2024, the company completed the Rights Issue with Warrants following the listing and quotation of 3,327,063,258 Rights Shares and 1,663,531,629 Warrants on the Main Market of Bursa Securities. The Company has used the proceeds from the Rights Issue with Warrants in the following manner:- DESTINI’S CORPORATE DIARY OVERVIEW JUNE • On 12 June 2024, the Company completed the Share Consolidation following the listing of and quotation for 499,059,412 Consolidated Shares and 166,353,160 Consolidated Warrants B on the Main Market of Bursa Malaysia Securities Berhad • As of 30 June 2024, Destini has streamlined its corporate structure by consolidating operations and removing dormant entities. This restructuring has not only reduced administrative complexities and optimising costs but also sharpened the Group’s focus on its core competencies. The following entities have either been struck off or transferred as part of this process: Struck Off: 1. Vanguarde Marine Engine Pte. Ltd. 2. PT Destini Marina Perkasa 3. Satang Environmental Sdn Bhd. 4. Satang-ICS Global Sdn. Bhd. 5. DB Precision Sdn. Bhd. 6. DB Communications Sdn. Bhd. 7. Destini Alpha ESS Sdn. Bhd. 8. Destini Upstream Sdn. Bhd. 9. DLP Rail Sdn. Bhd. 10. Destini Ventures Sdn. Bhd. 11. Land Auto Technology Sdn. Bhd. 12. Destini Aero Teknologi Sdn. Bhd. 13. Destini First Sdn. Bhd. 14. Vanguarde Offshore Pte. Ltd. 15. TF Corp Saudi Arabia Co. Ltd. 16. HS Destini Sdn. Bhd. 17. Destini ESS Sdn. Bhd. 18. Destini Empire Properties Sdn. Bhd. 19. Vanguard Safety Technologies Sdn. Bhd. 20. Destini Australia Pty Ltd Transferred: 1. Safeair Technical Sdn. Bhd. 2. Avia Technique Asia Sdn. Bhd. (Formerly known as Destini Avia Technique Sdn Bhd) 3. Blackstone Dagangan Pte. Ltd. 4. Destini HRTC Sdn. Bhd. 5. Destini Engineering Technologies Sdn. Bhd. 6. System Enhancement Resources & Technologies Sdn. Bhd. 12 DESTINI BERHAD ANNUAL REPORT 2024
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