The Board of Directors of Destini Berhad
(Destini or the Company) wishes to announce that the Company had on 4
November 2014 subscribed for an additional 699,999 new ordinary shares of RM1.00 each
in Detrac Sdn Bhd (Detrac), a subsidiary of the Company, at par for a total cash consideration of RM699,999.00
(Subscription). The Subscription was funded via internally generated funds.
Pursuant to the Subscription, the total issued and paid-up share capital of
Detrac increased from 2 ordinary shares of RM1.00 each to 1,000,000 ordinary
shares of RM1.00 each. As a result of this Subscription, total equity held by the
Company in Detrac is 700,000 ordinary shares of RM1.00 each, representing
70% of the enlarged issued and paid-up share capital of Detrac and the total cost of investment of the Company in Detrac will increase from RM1.00 to RM700,000.00.
The Subscription will not have any material impact on the earnings and net
asset of Destini for the financial year ending 31 December 2014.
None of the directors, substantial shareholders and/or persons connected
with them has any interest, direct or indirect, in the Subscription.
The Subscription is not subject to the
approval of the shareholders of the Company or other relevant authorities.
The Directors of
Destini, after taking into consideration of all financial and other factors, is
of the opinion that the Subscription is in the best interest of the Company.
This announcement is dated 4 November 2014.