The terms used herein, unless the context
otherwise stated, bear the same meaning as those defined in the earlier
announcements in relation to the Corporate Exercises.
We refer to the announcements made on 7
August 2013 and 19 September 2013 in relation to the Acquisition and 1 November
2013, 8 November 2013, 2 December 2013, 18 December 2013 and 27 February 2014,
27 March 2014 and 3 April 2014 in relation to the Proposals.
The Board of Directors of Destini Berhad
(Destini or the Company) wishes to announce that the Company and Kejuruteraan Samudra Timur Berhad (KSTB)
(the Parties) had vide a letter dated 17 December 2014 mutually agree
to terminate the Management Agreement dated 27 March 2014 (Management
Agreement) with effect from 1 December
2014.
Pursuant thereto,
the Parties agree that KSTB
shall not be liable for any claims, losses, demands, costs or interests in
respect of the services provided to Samudra Oil Services Sdn Bhd under the terms of the Management Agreement and that Destini
shall indemnify KSTB for any such claims, losses, demands, costs or interests
by any party after the termination.
The Parties further agree to waive their
rights to claim for damages for early termination equivalent to the fee payable
for the remaining period of the Management Agreement.
The termination of the Management Agreement
is not expected to have any material effect on the earnings, net asset and
gearing of Destini Group for the financial year ending 31 December 2014.
This announcement is dated 17 December 2014.