The Board of Directors of the Company is pleased to announce that Destini Prima Sdn Bhd (Formerly known as Satang Jaya Sdn Bhd) ( DPSB ), a wholly-owned subsidiary of Destini, had on 15 November 2011, accepted a letter of award from Department of Civil Aviation Malaysia ( DCA ) in relation to the contract for maintenance of search and rescue equipment for DCA for a total contract sum of RM2,446,442.00 ( the Contract ). The Contract is for the period of three (3) years commencing from 1 November 2011 to 31 October 2014.
The Contract is not expected to have any material effects on the share capital and shareholding structure of the Company. However, it is expected to have positive contribution to the earnings per share, net assets per share and gearing of the Destini group.
There are no significant risks other than operational risk associated with the Contract.
None of the Directors and/or substantial shareholders of the Company or persons connected to the said Directors and/or substantial shareholders have any direct or indirect interest in the Contract.
The Board of Directors, after due consideration, is of the opinion that the Contract is in the best interest of the Group. The Contract being incurred in the ordinary course of business, is not subject to the approval of the shareholders.
This announcement is dated 16 November 2011.