Registration No. 200301030845 (633265-K) - 86 - 6. Investment in Subsidiaries (Cont’d) (c) Disposal of subsidiaries (Cont’d) During the financial period (ii) On 11 June 2024, the Company has disposed of 367,500 ordinary shares in Destini Engineering Technologies Sdn. Bhd. (“DETSB”), a direct subsidiary of the Company, representing 49% of equity interest in DETSB to Mohamad Najib Bin Mohd Ali for a cash consideration of RM1. The effect of the disposal of DETSB on the financial position of the Group as at the date of disposal was as follow: Group 30.6.2024 RM Property, plant and equipment 25 Inventories 260,075 Trade receivables 290,807 Other receivables 20,631 Cash and bank balances 8,173 Trade payables (24,720) Other payables (222,816) Amount due to ultimate company (3,624,107) Amount due to holding company (134,633) Total net assets disposed (3,426,565) Gain on disposal 3,426,566 Proceeds from disposal 1 Less: Cash and bank balances disposed (8,173) Net cash outflow from disposal (8,172) In previous financial year On 24 June 2022, the Company has disposed of 300,000 ordinary shares in DB Communication Sdn. Bhd. (“DBCSB”), a direct subsidiary of the Company, representing 100% of equity interest in DBCSB to Destini Prima Sdn. Bhd., a wholly owned subsidiary of the Company for a cash consideration of RM1. 163 DESTINI BERHAD ANNUAL REPORT 2024
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