The Board of Directors
of Destini Berhad ("Board") wishes to announce that Destini had, on 6
June 2014, entered into a Heads of Agreement ("HOA") in relation to
the proposed acquisition of the remaining 500,000 ordinary shares in Vanguard
("Vanguard Shares"), representing 49% of the issued and paid-up share
capital of Vanguard Composite Engineering Pte Ltd ("Vanguard") ("Sale
Share(s)") with Ng Tuck Whye ("Vendor") at the indicative
purchase consideration of RM26.00 million ("Purchase Consideration") to
be satisfied entirely via the issuance of 40,000,000 new ordinary shares of
RM0.10 each in Destini ("Destini Share(s)" or "Share(s)") ("Consideration Shares") at
an issue price of RM0.65 each ("Proposed
Acquisition").
Further details of the Proposed Acquisition are set out in the
attachment herein.
This announcement is dated 6 June 2014.