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
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