ANNUAL REPORT 2022
CONTENTS OVERVIEW About This Report 02 Our Business 04 Destini’s Presence 06 Corporate Diary 07 Subsidiary and Sub-subsidiaries 12 Corporate structure (subsidiary and sub-subsidiaries) 16 Corporate Information 18 LEADERSHIP Board of Directors 20 Key Senior Management 27 PERFORMANCE Performance Brief 31 Executive Chairman and Management Discussion and Analysis 33 SUSTAINABILITY REPORT Sustainability Statement 41 Sustainability Governance 43 Stakeholders Engagement 44 Material Sustainability Matters 46 GOVERNANCE Corporate Governance Overview Statement 55 Risk Management and Internal Control Statement 71 Audit Committee Report 74 Additional Compliance Information 77 FINANCIAL STATEMENTS Financial Report 79 LIST OF PROPERTIES OWNED 227 STATISTICS OF SHAREHOLDING 228 NOTICE OF NINETEENTH (19TH) ANNUAL GENERAL MEETING 231 STATEMENT ACCOMPANYING NOTICE OF ANNUAL GENERAL MEETING 235 PROXY FORM 236 01 ANNUAL REPORT 2022 DESTINI BERHAD
About This Report BASIS OF THIS REPORT We are pleased to present Destini Berhad’s 2022 Annual Report in which we have adopted the International <IR> Framework as issued by the IFRS Foundation in January 2021. This report illustrates our commitment to good governance and transparency and also includes discussions surrounding sustainability and outlook to give our shareholders and stakeholders insights into our short to long term plans. This report provides insights on the Group, its subsidiaries, joint ventures and associates’ activities and performance during the period of January 1, 2022 to December 31, 2022. It also includes any material events that occurred after this date and up to the date of this report’s publication. Enclosed in this report are the messages from Destini’s Executive Chairman as well as Managing Director and Group Chief Executive Officer which has been approved by the Board of Directors on April 19, 2023. The information in this report addresses matters that are most material to our business and stakeholders. 02 DESTINI BERHAD ANNUAL REPORT 2022
REPORTING APPROACH Integrated Report This report aims to provide stakeholders with a comprehensive overview and assessment of Destini’s financial and nonfinancial performance. Stakeholders will be able to better understand Destini’s business and sustainability strategies, operational performance and our approach to governance. Financial Report This report consists of the Directors’ Report, Audited Financial Statements and Independent Auditors Report. Stakeholders will be able to find detailed financial disclosures to our shareholders, investors and other interested parties. Sustainability Report This report discusses the Group’s performance in Environmental, Social and Governance contexts. It describes our initiatives and its outcomes that are aimed at creating positive and sustainable impacts to our stakeholders. Reporting Framework → Main Market Listing Requirements of Bursa Malaysia Securities Berhad → Corporate Governance Guide by Bursa Malaysia Securities Berhad → Companies Act 2016 → Malaysian Code on Corporate Governance → International/Malaysian Financial Reporting Standards → International Integrated Reporting Framework → Global Reporting Initiative (“GRI”) Standards Assurance → Internal controls and management assurance → Compliance and internal audit reviews → External audit by UHY on financial statements, governance and sustainability report This report contains forward-looking statements relating to future performance. These statements and forecasts are based on current assumptions and circumstances which could change. Various factors could cause actual results to differ materially from those expressed or implied by these forward-looking statements. 03 ANNUAL REPORT 2022 DESTINI BERHAD
AVIATION & DEFENCE ENERGY • Supply safety and survival-related equipment and provide maintenance, repair and overhaul (“MRO”) services for the Armed Forces. • Supplies defence related aircrafts and components for the Armed Forces. • Aircraft cylinder testing and calibration services. • Organise and conduct aircraft search, rescue and salvage missions with the Government. Destini Berhad (“Destini” or “the Company”) and its subsidiaries (“the Group”) is an integrated engineering solutions provider with diverse interests in the aviation & defence, energy, mobility and marine industries. The Group has a wide presence in the Asian, Australian, Middle East and European regions. • Engineering, Procurement, Construction, Installation and Commissioning of renewable energy systems. • Provides tubular running services for upstream onshore and offshore drilling programmes. • Well delivery services which includes a comprehensive tubular and drilling programme. • Subsea well intervention, platform abandonment and field decommissioning services. • Subsea pipeline inspection as well as maintenance and repair services. • Supply of handling and drilling tools. OVERVIEW Our Business 04 DESTINI BERHAD ANNUAL REPORT 2022
MOBILITY MARINE • Manufacture and supply motor trolley, wagon and road rail vehicles for the rail sector. • Assembly, fabrication, refurbishment and MRO of train sets and rail systems. • Manufacture and supply of lifeboats, fast rescue boats, outboard and inboard diesel engines, davit systems and hooks for commercial shipping and oil and gas industry. • Manufacture proprietary Self-Propelled Hyperbaric Lifeboats used in deep sea diving operations. • Provides MRO services relating to lifeboats, davit systems, load testing equipment, fire safety and other marine assets. OVERVIEW 05 ANNUAL REPORT 2022 DESTINI BERHAD
MALAYSIA SINGAPORE AUSTRALIA CHINA UAE UNITED KINGDOM Destini’s Presence OVERVIEW 06 DESTINI BERHAD ANNUAL REPORT 2022
2012 MARCH Destini acquired a 50% stake in automotive supply and service company System Enhancement Resources & Technologies Sdn Bhd (“SERT”). AUGUST The suspension of trading in Destini’s shares was uplifted by Bursa Securities on August 13 after its regularization plan was approved. DECEMBER Destini acquired a 51% stake in Singapore-based Vanguard Composite Engineering Pte Ltd (currently known as Vanguarde Pte Ltd), a company that manufactures lifeboats, fast rescue boats, davit systems and host of other safety equipment for the marine and oil and gas industries. 2013 APRIL • D estini acquired the Techno Fibre Group to wholly- owned Techno Fibre Australia Pte Ltd, Techno Fibre Middle East Marine Services FZE, Technofibre International Sdn Bhd and Techno Fibre (S) Pte Ltd. The Techno Fibre Group is in the business of lifeboat and davit maintenance. • A fter completing its regularization plan and achieving profits for two consecutive quarters, Destini was uplifted from PN17 status. AUGUST The Group acquired its own building in Glenmarie Industrial Park, Shah Alam to house its corporate office and workshop facility. 1991 MARCH Satang Jaya Sdn Bhd (“Satang Jaya”) commenced operations as an aviation tools and spare parts supplier. 1998 MAY Satang Jaya was awarded the contract to provide MRO services for Royal Malaysian Airforce (“RMAF”) safety and survival equipment under Ministry of Defence Malaysia’s (“MinDef”) RMAF Contractorisation Programme. 2005 MARCH Satang Jaya entered Bursa Malaysia Securities Berhad (“Bursa Securities”), under the name Satang Jaya Holdings Berhad and subsequently changed its name to Satang Holdings Berhad (“Satang Holdings”) in April 2007. 2008 MAY Satang Holdings triggered the prescribed criteria pursuant to Practice Note 17 (“PN17”) of the Main Market Listing Requirements (“Listing Requirements”) of Bursa Securities. 2009 JULY Satang Holdings shares were suspended from trading by Bursa Securities on July 13. 2011 SEPTEMBER As part of its regularization plan, Satang Holdings changed its name to Destini Berhad to reflect a synergized and aligned business direction. The name change is also part of a turnaround plan for the Group to strengthen its financial muscles while exploring new business ventures. Destini’s Corporate Diary OVERVIEW 07 ANNUAL REPORT 2022 DESTINI BERHAD
2014 APRIL Completed the purchase of oil and gas service provider Samudra Oil Services Sdn Bhd, now known as Destini Oil Services Sdn Bhd (“DOS”) for RM80 million. AUGUST Destini acquired a 50% stake in Detrac Sdn Bhd (“Detrac”) to become the research and development arm of the Group. Subsequently, the Group increased its shareholding in Detrac to 70% in November 2014. 2015 APRIL Destini acquired Land Auto Technology Sdn Bhd, which is in the business of motor vehicle, motor accessories and spare part trading and distributorship. JUNE • Destini acquired an 80% stake in Safeair Technical Sdn Bhd (“SAT”), a company that provides Line Maintenance services for commercial airlines in local airports. • Destini Aviation Sdn Bhd (“DASB”) entered into a joint venture agreement with UK-based Avia Technique Limited to establish a new joint venture company called Destini Avia Technique Sdn Bhd (“DAT”). DAT was incorporated to carry on the provision of inspection, repair and overhaul services for commercial air craft components. NOVEMBER Destini acquired the remaining 49% stake it did not own in Vanguard, making the lifeboat maker a wholly-owned subsidiary of the Group. DECEMBER The Group acquired Destini Shipbuilding & Engineering Sdn Bhd (“DSBE”) to enable it to fabricate six 44.25-meter New Generation Patrol Craft (“NGPC”) worth RM381.30 million for the Malaysian Maritime Enforcement Agency (“MMEA”). 2016 MARCH Vanguard receives contract to supply eight Self- Propelled Hyberbaric Lifeboats to UK- based JFD. APRIL Destini Prima Sdn Bhd (“DPSB”) entered into a Memorandum of Understanding with Advanced Military Maintenance, Repair and Overhaul Centre (“AMMROC”) L.L.C. to form a strategic alliance for the provision of MRO on aircraft escape systems. JUNE SERT accepted its first rail related award from the Ministry of Transport for the design, manufacture, supply, delivery, testing and commissioning of new motor trolley and road rail vehicle for Keretapi Tanah Melayu Berhad (“KTMB”) worth RM62 million. SEPTEMBER TF Corp Pte Ltd subscribed 60% shares in IMES Marine Safety Systems Limited, the company currently known as Destini Marine Safety Solutions Ltd. The company is principally in the business of inspection, testing, repair and maintenance of marine safety systems such as lifeboats and its components. OCTOBER Destini entered into a Joint Venture Agreement with TH Heavy Engineering Berhad (“THHE”) to establish an unincorporated joint venture to procure the award for the supply, delivery, testing and commissioning of three 80-meter Offshore Patrol Vessels (“OPV”) for the MMEA. NOVEMBER DSBE and THHE’s wholly-owned subsidiary THHE Fabricators Sdn Bhd formed an incorporated joint venture company, Gigih Integrasi Sdn Bhd to undertake the fabrication of the three OPV’s. Gigih Integrasi Sdn Bhd is now known as THHE Destini Sdn Bhd. DECEMBER The Group secured a three-year contract extension to provide MRO services and to supply safety and survival related equipment to the RMAF for RM98.20 million. Destini’s Corporate Diary OVERVIEW 08 DESTINI BERHAD ANNUAL REPORT 2022
2017 JANUARY THHE Destini Sdn Bhd, a 51:49 joint venture company between THHE and Destini secured a contract worth RM738.9 million for the supply, delivery, testing and commissioning of three OPV’s for the MMEA. FEBRUARY Destini acquired 70% stake in safety and security equipment company, Halaman Optima Sdn Bhd, for RM5.5 million to enable the Group to supply six reconnaissance helicopters worth RM321.9 million to MinDef for the Royal Malaysian Army. JUNE DASB entered into a Joint Venture and Shareholders Agreement with Sapura Aero Sdn Bhd to incorporate a Joint Venture Company that is to be in the business of rotary wing and fixed aircraft sale, supply and provision of MRO in relation to aircraft and helicopters and the provision of programs such as wet leasing and dry leasing of aircraft. NOVEMBER • DOS and Federal International (2000) Ltd, a company listed on the Mainboard of the Singapore Exchange, formed a joint venture to collectively bid for oil and gas projects in the South Asian and South-East Asia Region. • Destini Armada Pte Ltd acquired 70% stake in AMS Marine Pte. Ltd, a Singapore-based company that is in the business of design, fabrication and servicing of heat exchangers, fabrication, installation and erection of piping and steelworks and non- destructive testing to the marine and oil and gas industry. 2018 APRIL • D estini Engineering Technologies Sdn Bhd (“DETSB”) inked an MOU with Felcra Berhad to provide MRO services for industrial facilities and equipment for the agriculture and related industries within Malaysia and the ASEAN region. • D OS was awarded a two-year umbrella contract by PETRONAS Carigali Sdn Bhd (“PCSB”) for the provision of well abandonment integrated services. • D PSB accepted an award from the MinDef for an additional RM138 million to an existing contract to provide MRO services and the supply of safety and survival equipment for the RMAF. MAY DOS was awarded a US$8 million (RM31.76 million) contract to be Pakistan-based Lyallpur Oil Tool Pvt Ltd’s technical partner for tubular running services in Pakistan. JULY The Group received a conditional work order for the provision of well abandonment integrated services for Pulai B platform, off the coast of Terengganu. This came under the two-year umbrella contract by PCSB for the provision of well abandonment integrated services that Destini received in April. AUGUST DOS received an award from POSCO Daewoo Corporation for the provision of tubular running services in Myanmar for US$5.2 million (RM21.17 million). DECEMBER DOS was awarded the provision of tubular handling, conductor installation and slot recovery equipment and service for the Pan Malaysia Petroleum Arrangement Contractors ("PAC") Operators Drilling Program by PCSB. OVERVIEW 09 ANNUAL REPORT 2022 DESTINI BERHAD
2019 JANUARY • DPSB received a letter of extension from the Ministry of Home Affairs, to provide MRO services, technical assistance and supply of spares related to safety and survival equipment, ground support and mechanical equipment, electronic equipment, airborne multisensory system and flight operations system the Royal Malaysia Police Air Wing for a period of three years until November 2021 for RM10 million. • DOS received a letter of award for the provision of tubular running services for exploration and appraisal and infill drilling campaign at the lower part of Gulf of Thailand near the South China Sea for CarigaliPTTEPI Operating Company Sdn Bhd. The tenure of the contract is two years with one-year extension option. MARCH DOS was awarded the provision for tubular handling, conductor installation and slot recovery equipment and services for PAC Operators’ Drilling Program for Sarawak Shell Berhad. The total value of the contract awarded depends on the work orders to be issued. APRIL • Destini Rail Sdn Bhd incorporated a wholly-owned subsidiary, DLP Rail Sdn Bhd as part of a plan to expand its future service offerings to include total engineering solutions and services, civil works, rolling stock, project and asset management and maintenance services for rail and track transportation projects in Malaysia. • DAT entered into an aircraft safety equipment maintenance support agreement with Malindo Airways Sdn Bhd and Thai Lion Mentari Co Ltd, to supply, test, repair, and carry out overhaul activities on aircraft safety equipment. The agreement’s tenure is three years with an option to extend for another two years. MAY Destini Rail Sdn Bhd entered into a Joint Venture and Shareholders Agreement with Lion Pacific Sdn Bhd, and SVPR Consulting Services Sdn Bhd in respect of DPL Rail Sdn Bhd to draw upon the skills, expertise, experience and capabilities of each other in undertaking the business of rail related projects in Malaysia and the region which among others, include engineering solutions and services, civil works, rolling stock, system and track works, asset management and maintenance services for rail projects. JULY DOS received a three-year contract from Petrofac (Malaysia-PM304) Limited for the provision of tubular handling equipment and running services. OCTOBER DOS was awarded PAN Malaysia Umbrella Contract for the Provision of Integrated Well Services for Intervention, Workover and Abandonment for PACs from PCSB. The contract runs on a call-out basis through the issuance of work orders and would expire in 2024 unless it is extended. DECEMBER DPSB secured RM50.18 million contract from MinDef for the extension of the existing contract to provide MRO services and the supply of the safety and survival equipment to the RMAF. The tenure of the contract was one year starting October 2019 to October 2020. 2020 APRIL DOS received a letter of award for the provision of tubular equipment and services for JX Nippon Oil & Gas Exploration (Malaysia) Limited’s drilling campaign. The tenure of the contract is four years with a one-year extension option. JULY • D ETSB was awarded a contract from Wira Syukur (M) Sdn Bhd to provide mechanical and electrical systems for the commercial development of GrenePark Village in Semenyih for a sum of RM17.39 million. • D PSB was awarded a contract from MinDef to supply non-propietary aircrafts parts for the RMAF. It allows DPSB and 29 other local companies identified by MinDef to participate in parcels of bidding should RMAF require any non-proprietary aircraft parts. The contract has a combined ceiling of RM121 million. DECEMBER DPSB received a letter of award from MinDef for the extension of the existing contract to provide MRO services and the supply of safety and survival equipment for the RMAF for RM30.37 million. OVERVIEW Destini’s Corporate Diary 10 DESTINI BERHAD ANNUAL REPORT 2022
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 • D PSB 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. • D PSB 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 • M Rail 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. • D estini 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. OVERVIEW Destini’s Corporate Diary 11 ANNUAL REPORT 2022 DESTINI BERHAD
Destini Prima Sdn. Bhd. [199101013420 (223732-V)] Distribution and supply of safety and survival related equipment for defence and commercial aviation and marine industries. DB Communications Sdn. Bhd. [200101025896 (561654-M)] (Formerly known as DB Infotech Sdn. Bhd.) Providing supply, installation, testing, commissioning, training, repair and maintenance services of communication equipment, telecommunication system and related accessories and services. DB Precision Sdn. Bhd. [201301028120 (1057950-U)] Engaged in supplying calibration and cylinder services. Halaman Optima Sdn. Bhd. [201101004714 (932855-V)] Manufactures, imports and exports safety and security products and defense equipment. Destini Aviation Sdn. Bhd. [199501038645 (367847-D)] Investment holding. Invation Aero Sdn. Bhd. [201701010172 (1224337-K)] • Business of sale rotary wing and fixed wing aircraft. • Supply and provision of maintenance, repair and overhaul services in relation to aircraft and helicopters. • Provision of programs such as wet leasing and dry leasing of aircraft and helicopters. Destini Oil Services Sdn. Bhd. [201001021567 (905337-M)] Provision of tubular handling and inspection, piling hammer equipment and running services as well as repair and maintenance of assets related to the oil and gas industry, provides supply, lease and operate drilling rigs as well as other oil and gas related services. Emirates Kejuruteraan Samudra Timur Berhad Petroleum Services L.L.C. (Trade License No. CN-1415749) • Provides oil and gas production facilities operation and maintenance services. • Engaged in onshore and offshore oil, gas field and facilities services. Destini Energy Sdn. Bhd. [200001020740 (523347-K)] Business of energy generation, transmission, distribution, power trading based on thermal, hydro, biomass, nuclear and gas including manufacturing, trading, import, export, installation, and operation of solar systems for energy generation including solar photovoltaic, solar thermal, solar chimney and any other solar based devices used in households, industry and commercial establishments. (As at 31 March 2023) Subsidiary and Sub-subsidiaries OVERVIEW 12 DESTINI BERHAD ANNUAL REPORT 2022
Destini Upstream Sdn. Bhd. [201701001170 (1215320-V)] Business of provision of tubular running services (TRS), hammer piling and conductor installation, casing while drilling (CWD upto level 2). Drill bit and hole enlargement tools to the oil and gas industry mainly in the drilling activities (Upstream). Provide services activity such equipment & hardware machine shop, steel structure and special tool fabrication and supply, repairing and maintenance services of all kinds of wellheads, valves, components and offshore equipment, spart parts articles, gas pipes and pipelines and product related to the oil, gas and petroleum industry. Hijau Baiduri Sdn. Bhd. [202101028241 (1428541-K)] Investment holding and general trading. Destini ESS Sdn. Bhd. [202201034051 (1479748-U)] Supply, manufacture, install and operate of energy storage solution, renewable energy technology and electric vehicle charging technology. Destini Alpha ESS Sdn. Bhd. [202201027716 (1473413X)] Supply, manufacture, install and operate of energy storage solution, renewable energy technology and electric vehicle charging technology. System Enhancement Resources & Technologies Sdn. Bhd. [200901001316 (844241-K)] Supplying, servicing and upkeep of army vehicles, buses as well as supplying motor trolleys. Destini Armada Sdn. Bhd. [199601006251 (378597-W)] Investment holding. Destini Shipbuilding and Engineering Sdn. Bhd. [201301037560 (1067389-K)] Manufacturer of paramilitary boats and vessels and provides ship repair and marine-related engineering services. Teknologi Mobiliti Sdn. Bhd [201401025741 (1101831-X)] (Formerly known as Detrac Sdn. Bhd.) Research and development of mechatronic systems including software customization, repair and maintenance of electronic systems, support and consultation on system development. Destini Empire Properties Sdn. Bhd. [201801020429 (1282448-U)] To acquire by purchase lease, exchange, hire or otherwise, lands and property of any tenure, buildings or any shares, interest or interests therein. Destini Rail Sdn. Bhd. [201701039771 (1253943-P)] Operation of mass transit and other urban transport. OVERVIEW 13 ANNUAL REPORT 2022 DESTINI BERHAD
DLP Rail Sdn. Bhd. [201901014081 (1323409-M)] Rail construction, trackworks, systems and communications. M Rail Technics Sdn. Bhd. [202101013065 (1413364-D)] Maintenance, repair and overhaul of electric trains for domestic and regional markets. Destini Engineering Technologies Sdn. Bhd. [200101000901 (536657-H)] Engaged in maintenance, repair, and overhaul of aviation-related cylinders that include servicing, inspection and refilling of gas and general contractors, construction of telecommunication engineering and other related services. Destini HRTC Sdn. Bhd. [201101039136 (967258-X)] Provides training and education consultancy. Destini Armada Pte. Ltd. (201228769N) Manufacturing, repair, fabricate and supply of marine and safety/lifesaving equipment. Vanguarde Pte. Ltd. (198700526G) Manufacture and offer service and maintenance of lifeboats, fast rescue boats, davit systems and a host of other safety equipment for the marine and oil and gas industries. Vanguard Safety Technologies Sdn. Bhd. [201301003772 (1033613-X)] Engage in supplying marine related lifesaving equipment, parts and accessories. Vanguarde Offshore Pte. Ltd. (200923004Z) • Trading in hyperbaric lifeboats. • General importers and exporters of marine equipment and accessories. Vanguard (Nantong) F.R.P. Co. Ltd (3200775411024) Manufacturing, maintaining and trading of fiber-reinforced plastic (“FRP”) ships, FRP products and life-saving equipment. Vanguarde Marine Engine Pte. Ltd. (201718529N) • Provision of service activities for oil and gas extraction. • Provides engineering design and consultancy services. TF Corp Pte. Ltd. (201310889H) Investment holding. Destini Marine Safety Solutions Ltd (SC500305) Provides inspection, testing, repair and maintenance of marine safety systems including lifeboats and rescue boats. Subsidiary and Sub-subsidiaries OVERVIEW (As at 31 March 2023) 14 DESTINI BERHAD ANNUAL REPORT 2022
Armada Delmar Sdn. Bhd. [200001019664 (522271-P)] Engaged in lifeboat and davit servicing business, trading in other safety equipment catered to the marine and oil and gas industries as well as servicing life raft and firefighting equipment. Techno Fibre (S) Pte. Ltd. (199300541H) • Repairing and service of fibre composite lifeboats and davits. • Building and repairing ships, tankers and other ocean-going vessels. Techno Fibre Middle East Marine Services FZE (06585) Providing installation and maintenance of marine equipment. T F Emirates Marine Services L.L.C. (TN-1794649) Engaged in the business of onshore and offshore oil and gas field and facilities services, marine machines and equipment repairing and maintenance. TF Corp Saudi Co. Ltd. (SAGIA License No - 12219360655725) Provides maintenance, installation and repair of marine equipment and trading activities of marine safety products. PT Destini Marina Perkasa (4020022031104317) Provision of jetty/port operations related services to companies involved with mining activities. Blackstone Dagangan Pte. Ltd. (202014057M) Trading of coal. Destini Ventures Sdn. Bhd. [201501013978 (1139310-V)] General merchant and investment. Destini First Sdn. Bhd. [199101007464 (217774-M)] Dormant. Land Auto Technology Sdn. Bhd. [201501014248 (1139580-K)] Dormant. Destini Aero Teknologi Sdn. Bhd. [201101039135 (967257-T)] Dormant. Destini Australia Pty Ltd (ACN 158 026 049) Dormant. OVERVIEW 15 ANNUAL REPORT 2022 DESTINI BERHAD
100% DB PRECISION SDN. BHD. 50% INVATION AERO SDN. BHD.* DORMANT - DESTINI PRIMA SDN. BHD. 100% ARMADA DELMAR SDN. BHD. 100% DESTINI SHIPBUILDING AND ENGINEERING SDN. BHD. 70% M RAIL TECHNICS SDN. BHD. 70% HALAMAN OPTIMA SDN. BHD. 100% DB COMMUNICATIONS SDN. BHD. 49% EMIRATES KEJURTERAAN SAMUDRA TIMUR BERHAD PETROLEUM SERVICES L.L.C. 5% AVIA TECHNIQUE ASIA SDN. BHD.^ (Formerly Known As DESTINI AVIA TECHNIQUE SDN. BHD.) 50.99% SATANG ICS-GLOBAL SDN. BHD. 100% SATANG ENVIRONMENTAL SDN. BHD. 99.98% DESTINI UPSTREAM SDN. BHD. 100% DESTINI ALPHA ESS SDN. BHD. 70% DESTINI ESS SDN. BHD. 100% DLP RAIL SDN. BHD. 100% HIJAU BAIDURI SDN. BHD. 100% 100% 100% 100% 100% 100% 100% DESTINI PRIMA SDN. BHD. DESTINI AVIATION SDN. BHD. DESTINI OIL SERVICES SDN. BHD. DESTINI ARMADA SDN. BHD. DESTINI RAIL SDN. BHD. DESTINI ENERGY SDN. BHD. TEKNOLOGI MOBILITI SDN. BHD. (Formerly Known As Corporate Structure OVERVIEW 16 DESTINI BERHAD ANNUAL REPORT 2022
100% 100% 100% 100% 60% 100% 100% 100% 100% 100% 100% 100% VANGUARD (NANTONG) F.R.D. CO. LTD DESTINI EMPIRE PROPERTIES SDN. BHD. 100% VANGUARDE OFFSHORE PTE. LTD. 100% VANGUARDE MARINE ENGINE PTE. LTD. 100% TECHNO FIBRE (S) PTE. LTD. 100% TECHNO FIBRE MIDDLE EAST MARINE SERVICES (FZE) 100% VANGUARD SAFETY TECHNOLOGIES SDN. BHD. 100% TECHNO FIBRE AUSTRALIA PTY LTD 51% TF CORP (SAUDI) CO. LTD. 49% T F EMIRATES MARINE SERVICES L.L.C.^ 60% DESTINI MARINE SAFETY SOLUTIONS LTD DESTINI ARMADA PTE. LTD. DESTINI VENTURES SDN. BHD. LAND AUTO TECHNOLOGY SDN. BHD. DESTINI AERO TEKNOLOGI SDN. BHD. BLACKSTONE DAGANGAN PTE. LTD. DESTINI FIRST SDN. BHD. DESTINI AUSTRALIA PTY LTD 100% VANGUARDE PTE. LTD. 100% TF CORP PTE. LTD. 99.99% PT DESTINI MARINA PERKASA DESTINI HRTC SDN. BHD. SYSTEM ENHANCEMENT RESOURCES & TECHNOLOGIES SDN. BHD. DESTINI ENGINEERING TECHNOLOGIES SDN. BHD. OVERVIEW Legend : ^ Associate * Joint Venture DESTINI BERHAD CORPORATE STRUCTURE AS AT 31 MARCH 2023 17 ANNUAL REPORT 2022 DESTINI BERHAD
Abdul Rahman Bin Mohamed Rejab Executive Chairman (Re-designated from Executive Director to Executive Chairman on 1 March 2023) Syaiful Hafiz Bin Moamat Mastam Non-Independent & Non-Executive Director Professor Datin Dr Suzana Binti Sulaiman @ Mohd Suleiman Non-Independent & Non-Executive Director (Re-designated from Independent & Non-Executive Director to Non-Independent & Non-Executive Director on 21 June 2022) Audit Committee Members Professor Datin Dr Suzana Binti Sulaiman @ Mohd Suleiman (Re-designated as Member of Audit Committee on 20 October 2022) Dr Nurwahida Binti Mohd Yaakub (Appointed on 20 October 2022) Nomination and Remuneration Committee Members Professor Datin Dr Suzana Binti Sulaiman @ Mohd Suleiman Dr Nurwahida Binti Mohd Yaakub (Appointed on 20 October 2022) Corporate Information Dato’ Mohd Zahir Bin Zahur Hussain Managing Director & Group Chief Executive Officer (Re-designated from Independent & Non-Executive Director to Managing Director & Group Chief Executive Officer on 1 March 2023) Dr Nurwahida Binti Mohd Yaakub Independent & Non-Executive Director (Appointed on 20 October 2022 Risk Management Committee Members Professor Datin Dr Suzana Binti Sulaiman @ Mohd Suleiman (Re-designated as Member of Risk Management Committee on 20 October 2022) Dato’ Mohd Zahir Bin Zahur Hussain (Re-designated as Member of Risk Management Committee on 1 March 2023) Dr Nurwahida Binti Mohd Yaakub (Appointed on 20 October 2022) Company Secretaries Tan Tong Lang (MAICSA 7045482/ SSM PC No. 202208000250) Thien Lee Mee (LS0010621/ SSM PC No. 201908002254) OVERVIEW 18 DESTINI BERHAD ANNUAL REPORT 2022
Auditors Messrs. UHY Firm Number: AF 1411 Chartered Accountants Suite 11.05, Level 11 The Gardens South Tower Mid Valley City, Lingkaran Syed Putra 59200, Kuala Lumpur Wilayah Persekutuan Tel : 03-2279 3088 Fax : 03-2279 3099 Principal Banker AmBank Islamic Berhad (199401009897 (295576-U)] Affin Hwang Investment Bank Berhad (197301000792 (14389-U)] Registered Office No. 10 Jalan Jurunilai U1/20 Hicom Glenmarie Industrial Park 40150 Shah Alam Selangor Darul Ehsan Tel : 03-5567 0333 Fax : 03-5569 1233 Corporate Office No. 10 Jalan Jurunilai U1/20 Hicom Glenmarie Industrial Park 40150 Shah Alam Selangor Darul Ehsan Tel : 03-5567 0333 Fax : 03-5569 1233 Email : info@destinigroup.com Website : www.destinigroup.com Registrar lnsurban Corporate Services Sdn. Bhd. (198101010136 (76260-W)] 149, Jalan Aminuddin Baki Taman Tun Dr Ismail 60000 Kuala Lumpur Wilayah Persekutuan Tel : 03-7729 5529 Fax : 03-7728 5948 Email : insurban@gmail.com Investor Relations Teh Aik Sin No. 10, Jalan Jurunilai U1/20 Hicom Glenmarie Industrial Park 40150 Shah Alam Selangor Darul Ehsan Email : info@destinigroup.com Tel : 03-5567 0333 Fax : 03-5569 1233 Destini Share Information Company name : Destini Berhad Stock name DESTINI Stock code 7212 Ticker code - DSTN:MK (Bloomberg) - DEST.KL (Reuters) Financial year end 31 December OVERVIEW 19 ANNUAL REPORT 2022 DESTINI BERHAD
ABDUL RAHMAN BIN MOHAMED REJAB Executive Chairman Nationality/ Gender/ Age : Malaysian/ Male/ 57 Date of Appointment : 3 January 2011 Date of Redesignation : 1 March 2023 Areas of Expertise : Finance, Property Development and Management Qualifications 1. Bachelor of Science in Business Administration (Finance) from St. Louis University, Missouri, United States of America Tenure as Director : 12 years 3 months Encik Abdul Rahman Bin Mohamed Rejab was re-designated as Executive Chairman in March 2023. Prior to that, he held the position Executive Director with the Group’s mobility portfolio under his purview since October 2012. He joined the Group as a Non-Executive Director in January 2011. Encik Abdul Rahman holds a Bachelor of Science in Business Administration (Finance) from St. Louis University in the United States of America and has over 15 years of experience in the financial industry and asset management with his last attachment in AmBank (Malaysia) Berhad prior to joining Destini. He also has extensive experiences in the property industry through his years in property development and management. He has attended all the Board Meetings held during the financial year ended 31 December 2022. He does not hold any directorships in any other public companies and listed issuers. He has no family relationship with any Director and/ or major shareholder of the Company and has no conflict of interest with the Company. Board of Directors He has not been convicted for any offences within the past five years other than traffic offences, if any. There were no sanctions and/or penalties imposed on him by any relevant regulatory bodies, which were material and made public during the financial year ended 31 December 2022. LEADERSHIP 20 DESTINI BERHAD ANNUAL REPORT 2022
He has not been convicted for any offences within the past five years other than traffic offences, if any. There were no sanctions and/or penalties imposed on him by any relevant regulatory bodies, which were material and made public during the financial year ended 31 December 2022. LEADERSHIP DATO’ MOHD ZAHIR BIN ZAHUR HUSSAIN Managing Director & Group Chief Executive Officer Member of the Risk Management Committee Nationality/ Gender/ Age : Malaysian/ Male/ 48 Date of Appointment : 8 October 2020 Date of Redesignation : 1 March 2023 Areas of Expertise : F inance Qualifications 1. Bachelor of Commerce (Accounting) from University of New South Wales, Sydney, Australia 2. Oxford Global CEO Program from Said Business School, Oxford University, United Kingdom 3. Certified Financial Planner 4. Member of Malaysian Institute of Accountants 5. Fellow at Chartered Accountants Australia & New Zealand Tenure as Director : 2 years 6 months Dato’ Mohd Zahir Bin Zahur Hussain was appointed to the Board of Destini Berhad as an Independent and NonExecutive Director in October 2020. On 1 March 2023, he was re-designated as the Managing Director and Group Chief Executive Officer of Destini Berhad. He holds a Bachelor of Commerce (Accounting) from the University of New South Wales, Australia and is an Oxford Global CEO Program graduate from Saïd Business School. He has an established career as an auditor with various accounting firms including PricewaterhouseCoopers and Deloitte & Touche in both of its Malaysian and overseas offices. He has extensive experiences in the fields of audit, accounts and finance and is currently a member of Chartered Accountants Australia and New Zealand as well as the Malaysian Institute of Accountants. He has attended all the Board Meetings held during the financial year ended 31 December 2022. Presently, he also sits on the Board of Directors of Mycron Steel Berhad as an Independent and Non-Executive Director. He is a member of Mycron Steel Berhad’s Audit & Governance Committee and Risk & Sustainability Committee. He has no family relationship with any Director and/or major shareholder of the Company and has no conflict of interest with the Company. 21 ANNUAL REPORT 2022 DESTINI BERHAD
PROFESSOR DATIN DR SUZANA BINTI SULAIMAN @ MOHD SULEIMAN Non-Independent & Non-Executive Director Member of the Audit Committee Member of the Nomination and Remuneration Committee Member of the Risk Management Committee Nationality/ Gender/ Age : Malaysian/ Female/ 58 Date of Appointment : 8 January 2013 Areas of Expertise : M anagement Accounting Qualifications 1. PhD in Management Accounting, University of Edinburgh, Scotland, United Kingdom 2. Master of Accounting (Distinction), Curtin University of Technology, Perth, Australia 3. Fellow Chartered Institute of Management Accountants (CIMA), United Kingdom (FCMA) 4. Chartered Global Management Accountants (CGMA) 5. Chartered Accountant (CA), Malaysian Institute of Accountants (MIA) Tenure as Director : 10 years 3 months Professor Datin Dr Suzana Binti Sulaiman @ Mohd Suleiman was appointed to the Board of Destini Berhad as an Independent and Non-Executive Director in January 2013. She was later re-designated as the Non-Independent & NonExecutive Director in June 2022. Professor Datin Dr Suzana is a Senior Professor in Management Accounting at Universiti Teknologi MARA’s (“UiTM”) Faculty of Accounting. She has more than 15 years of administrative posts at UiTM and is currently the Deputy Vice Chancellor (Academic and International). Prior to that she was the Assistant Vice Chancellor at the Institute of Quality and Knowledge Advancement and Institute of Leadership & Quality Management, Deputy Dean (Academic), Postgraduate Coordinator and Head of Asian Management Accounting Research Centre at the Accounting Research Institute. Overall, she has 32 years of experience in the Education Field with UiTM and is actively involved with professional bodies locally and internationally. She is also a Malaysian Institute of Accountants Council Member. She has attended all the Board Meetings held during the financial year ended 31 December 2022. She does not hold any directorships in other public companies and listed issuers. She has no family relationship with any Director and/or major shareholder of the Company and has no conflict of interest with the Company. She has not been convicted for any offences within the past five years other than traffic offences, if any. There were no sanctions and/or penalties imposed on her by any relevant regulatory bodies, which were material and made public during the financial year ended 31 December 2022. Board of Directors LEADERSHIP 22 DESTINI BERHAD ANNUAL REPORT 2022
DR NURWAHIDA BINTI MOHD YAAKUB Independent & Non-Executive Director Member of the Audit Committee Member of the Nomination and Remuneration Committee Member of the Risk Management Committee Nationality/ Gender/ Age : Malaysian/ Female/ 42 Date of Appointment : 20 October 2022 Areas of Expertise : Accounting & Finance Qualifications 1. Doctorate in Accountancy and Finance from HeriotWatt University, Edinburgh, United Kingdom 2. Masters in Business Administration (Finance) from Universiti Teknologi MARA, Shah Alam, Malaysia 3. Degree in accounting and Finance (Hons.) from Liverpool John Moores University, United Kingdom Tenure as Director : 6 month Dr Nurwahida Binti Mohd Yaakub was appointed to the Board of Destini Berhad as an Independent and Non-Executive Director in October 2022. She holds a PhD in Accountancy and Finance from Heriot-Watt University, Edinburgh, United Kingdom and a Masters in Business Administration (Finance) from Universiti Teknologi MARA, Shah Alam, Malaysia. Dr Nurwahida is an Assistant Professor of Finance at Edinburgh Business School, School of Social Sciences, at HeriotWatt University Malaysia Campus. Prior to that she was a Postgraduate Teaching Assistant in the Edinburgh campus of the same university. Her professional career began in the financial services industry, before joining the public service in 2008, serving as a Diplomatic and Administration Officer at the Ministry of Energy, Water and Communication. She has attended all the Board Meetings held after her appointment during the financial year ended 31 December 2022. She does not hold any directorships in other public companies and listed issuers. She has no family relationship with any Director and/or major shareholder of the Company and has no conflict of interest with the Company. She has not been convicted for any offences within the past five years other than traffic offences, if any. There were no sanctions and/or penalties imposed on her by any relevant regulatory bodies, which were material and made public during the financial year ended 31 December 2022. LEADERSHIP 23 ANNUAL REPORT 2022 DESTINI BERHAD
DATO’ ROZABIL @ ROZAMUJIB BIN ABDUL RAHMAN Executive Chairman (Resigned on 27 February 2023) Nationality/ Gender/ Age : Malaysian/ Male/ 51 Date of Appointment : 11 November 2020 Date of Resignation : 27 February 2023 Areas of Expertise : C onstruction, Investment Trading Qualifications 1. Master in Business Administration from University of Sunderland, England 2. Executive Diploma in Plantation Management from University of Malaya, Kuala Lumpur Tenure as Director : 12 years 3 month Dato’ Rozabil @ Rozamujib Bin Abdul Rahman joined Destini as an Independent and Non-Executive Director in November 2010 and was re-designated as the Managing Director in January 2011. In January 2014, Dato’ Rozabil was redesignated to Group Managing and was later redesignated to President & Group Chief Executive Officer in April 2018 prior to becoming the Executive Chairman in September 2021. On 27 February 2023, Dato’ Rozabil resigned as Executive Chairman after a 12 year service to Destini Berhad. Dato’ Rozabil started his career as Managing Director and owner of Benar Prima Holdings Sdn Bhd, a holding company that has businesses in engineering, property development and investments. He has diversified interests ranging from construction and property development to trading and serves as director to several other private companies. He has attended all the Board Meetings held during the financial year ended 31 December 2022. He does not hold any directorships in any other public companies and listed issuers. He has no family relationship with any Director and/ or major shareholder of the Company and has no conflict of interest with the Company. He has not been convicted for any offences within the past five years other than traffic offences, if any. There were no sanctions and/or penalties imposed on him by any relevant regulatory bodies, which were material and made public during the financial year ended 31 December 2022. Board of Directors LEADERSHIP 24 DESTINI BERHAD ANNUAL REPORT 2022
SYAIFUL HAFIZ BIN MOAMAT MASTAM Non-Independent & Non-Executive Director (Resigned on 31 March 2023) Nationality/ Gender/ Age : Malaysian/ Male/ 41 Date of Appointment : 26 March 2021 Areas of Expertise : Accounting, Finance Qualifications 1. B.A (Hons) Accounting and Finance, University of East London 2. Diploma in Accounting, Kolej Agama Sultan Zainal Abidin (Kusza), Malaysia 3. Diploma in Public Administration, lnstitut Tadbiran Awam Negara (INTAN), Malaysia 4. Executive Fellows Programme (EFP), Australia & New Zealand School of Government (ANZSOG) Tenure as Director : 2 years Encik Syaiful Hafiz Bin Moamat Mastam was appointed to the Board of Destini Berhad in March 2021. He holds a Bachelor of Arts in Accounting and Finance from the University of East London, United Kingdom and a post-graduate Diploma in Public Administration from the National Institute of Public Administration Malaysia. His accounting career began in 2003 with various companies prior to joining the civil service in 2007 as an Administrative and Diplomatic Officer for the Prime Minister’s Department. He is currently the Administrative & Diplomatic Officer for the Government Investment Companies Division at the Ministry of Finance. He has attended all the Board Meetings held during the financial year ended 31 December 2022. He does not hold any directorships in other public companies and listed issuers. He has no family relationship with any Director and/or major shareholder of the Company and has no conflict of interest with the Company. He has not been convicted for any offences within the past five years other than traffic offences, if any. There were no sanctions and/or penalties imposed on him by any relevant regulatory bodies, which were material and made public during the financial year ended 31 December 2022. LEADERSHIP 25 ANNUAL REPORT 2022 DESTINI BERHAD
NORZILAH BINTI MOHAMMED Executive Director (Resigned on 15 February 2023) Nationality/ Gender/ Age : Malaysian/ Female/ 58 Date of Appointment : 26 March 2021 Date of Resignation : 15 February 2023 Areas of Expertise : Banking, Finance, Risk Management, Business Administration, and Corporate Management and Operations Qualifications 1. Bachelor of Science in Business Administration, majoring in Accounting from California State University, Sacramento, United States of America 2. Qualified Risk Director from the Institute of Enterprise Risk Practitioners 3. Completed Womens Directors Onboarding Training Programme from the Malaysian Directors Academy (MINDA) and NAM Institute for the Empowerment of Women (NIEW) Tenure as Director : 1 years 11 months Puan Norzilah Binti Mohammed joined Destini Berhad as Group Deputy Chief Executive Officer in 2019 prior to her appointment on the Board as an Executive Director in March 2021. Before joining Destini, Puan Norzilah had more than 30 years of experience in the banking and finance services industry where she last held the position of Chief Executive Officer at Export-Import Bank of Malaysia Berhad (“EXIM Bank”). Prior to that, she held several key positions at EXIM Bank as the Chief Operating Officer, Chief Risk Officer and Chief Credit Officer. Complimenting her corporate accomplishments, she was awarded the Anugerah Tokoh Srikandi for Finance by Gabungan Pelajar Melayu Semenanjung in 2018. Puan Norzilah also holds several honorary positions which include her appointment as a Business Advisory Committee Member of the Malaysia China Business Council and the Head of Cluster for Banking and Finance at the Centre of Women Advancement and Leadership in University Kuala Lumpur. She also sits on the Board Member of University Malaysia Sarawak where she is also the Chairman of the Board Audit Committee. She has attended all the Board Meetings held during her appointment for the financial year ended 31 December 2022. She does not hold any directorships in other public companies and listed issuers. She has no family relationship with any Director and/or major shareholder of the Company and has no conflict of interest with the Company. She has not been convicted for any offences within the past five years other than traffic offences, if any. There were no sanctions and/or penalties imposed on her by any relevant regulatory bodies, which were material and made public during the financial year ended 31 December 2022. LEADERSHIP 26 DESTINI BERHAD ANNUAL REPORT 2022
Key Senior Management ABDUL RAHMAN BIN REJAB Executive Chairman (His profile is set out in the Board of Directors Profile) DATO’ MOHD ZAHIR BIN ZAHUR HUSSAIN Managing Director & Chief Executive Officer (His profile is set out in the Board of Directors Profile) ARIS KEFLI BIN MOHAMAD YUSOF Group Chief Financial Officer Nationality/ Gender/ Age : Malaysian/ Male/ 54 Date of Appointment : May 2017 Areas of Expertise : 1. Accounting Qualifications • A member of Malaysian Institute of Accountants, Malaysia • Chartered Institute of Management Accountant, United Kingdom • A member of Chartered Practicing Accountants, Australia • Master in Business Administration, Leicester, United Kingdom • Advanced Diploma in Accountancy, UiTM Working Experience • Head of Accounts and Finance, Destini Berhad (20122017) • Chief Financial Officer, Imatex Berhad (2000-2012) • Accountant, U-Wood Holding Berhad (1996-2000) • Senior Accounts Executive, Propel Berhad (1993-1996) He does not hold any directorships in other public companies and listed issuers. He has no family relationship with any Director and/or major shareholder of the Company and has no conflict of interest with the Company. He has not been convicted for any offences within the past five years other than traffic offences, if any. There were no sanctions and/or penalties imposed on him by any relevant regulatory bodies, which were material and made public during the financial year ended 31 December 2022. LEADERSHIP 27 ANNUAL REPORT 2022 DESTINI BERHAD
KHAIRUL RIZAL BIN OSMAN Head of Internal Audit Nationality/ Gender/ Age : Malaysian/ Male/ 51 Date of Appointment : 1 April 2022 Areas of Expertise : 1. Accounts and Finance 2. Financial Management 3. Investment Management Qualifications • Bachelor in Business Administration from University Teknologi MARA • Diploma in Banking Studies from University Teknologi MARA • C ertified in Internal Auditing for Financial Institutions ("CIAFIN") • A ssociate Qualification in Islamic Finance ("AQIF") Working Experience • H ead of Internal Audit, Destini Berhad (2015 - 2018) • Assistant Manager, Malaysian Industrial Development Finance (2007 - 2015) • Head, Fraud & Authorisation Department, Cards Business, Affin Bank Berhad (2005 - 2007) • A ssistant Vice President, Group Internal Audit, Affin Bank Berhad (2000 - 2005) • Senior Executive, Group Internal Audit, Bank Islam (M) Berhad (1997 - 2000) • C redit Officer, Bank Islam (M) Berhad (1993 - 1996) He does not hold any directorships in other public companies and listed issuers. He has no family relationship with any Director and/or major shareholder of the Company and has no conflict of interest with the Company. THARIQ BIN ABDULLAH General Counsel, Legal and Corporate Affairs Nationality/ Gender/ Age : Malaysian/ Male/ 51 Date of Appointment : November 2022 Areas of Expertise : 1. Law and Corporate Secretarial Qualifications • Master in Laws from Queen Mary and Westfield College, University of London • LLB (Hons) Degree from International Islamic University of Malaysia Working Experience • Freelance Consultant (2021-Nov 2022) • Senior Vice President - Head of Asset Rehabilitation and Recovery, Export-Import Bank Malaysia Berhad ("EXIM Bank") (2020-2021) • Senior Vice President - Head of Legal & Advisory, EXIM Bank (2018-2019) • Senior Vice-President - Head of Corporate Services (Legal, Organisation Innovation and Improvement and Integrity), EXIM Bank (2015-2017) • Senior Vice-President - Head of Corporate Services (Legal and Corporate Communication and Stakeholder), EXIM Bank (2010-2015) • Vice-President - Head of Legal/Corporate Secretarial, EXIM Bank (2008-2009) • Head Legal/ Acting Head Risk Management, KFC Holdings (Malaysia) Berhad/QSR Brands Berhad (2007-2008) • Legal Manager, Pernec Corporation Berhad (20042007) • Enforcement, Securities Commission (1999-2004) • Lawyer, Shinmun Associates/Syed Ahmad & Co. (1996-1999) He does not hold any directorships in other public companies and listed issuers. He has no family relationship with any Director and/or major shareholder of the Company and has no conflict of interest with the Company. He has not been convicted for any offences within the past five years other than traffic offences, if any. There were no sanctions and/or penalties imposed on him by any relevant regulatory bodies, which were material and made public during the financial year ended 31 December 2022. He has not been convicted for any offences within the past five years other than traffic offences, if any. There were no sanctions and/or penalties imposed on him by any relevant regulatory bodies, which were material and made public during the financial year ended 31 December 2022. Key Senior Management LEADERSHIP 28 DESTINI BERHAD ANNUAL REPORT 2022
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