Destini Berhad ("Destni" or “the Company”) wishes to announce that its indirect subsidiary, Destini Shipbuilding and Engineering Sdn Bhd (“DSBE”) had been served with a Winding-Up Petition which has now been subsequently withdrawn, details of which are as follows:

1)    Date of presentation of the Winding-Up Petition

DSBE had on 10 September 2020 received a sealed winding-up petition dated 7 September 2020 from Messrs. Suraiya Arif, Miranda & Tan, the Solicitors who act on behalf of Enigma Technical Solutions Sdn. Bhd. (“Enigma” or “the Petitioner”) claim against DSBE for the outstanding sum of RM1,678,934.00 being an amount allegedly due and owing.

2)   Details of the default or circumstances leading to the filing of the Winding-Up Petition and the particulars of the claim under the Winding-Up Petition, including the amount claimed for and the interest rate

The circumstances leading to the filing of the Winding-Up Petition against DSBE was due to the fact that DSBE had allegedly failed to settle an outstanding sum claimed by Enigma 21 days after the Notice Pursuant to Sections 465 and 466 of the Companies Act 2016 was served.

3)   Confirmation as whether DSBE is a major subsidiary

DSBE is not major subsidiary of the Company.

4)   Cost of Investment in DSBE

The total cost of investment in DSBE by the company’s wholly owned subsidiary, Destini Armada Sdn. Bhd. amounts to RM3,000,000.00.

5)   The financial and operational impact of the Winding-Up Petition on the Group

There is no impact on the operation of the Destini Group.  This is in view that the amount owing has been incorporated in the financial statements, and the financial impact from the Winding-Up Petition is the loss of investment in DSBE.

6)   The expected loss, if any, arising from the Winding-Up Petition

The Company is not expected to incur any further loss arising from the Winding-Up Petition.

7)   Steps taken in respect of the Winding-Up Petition

A settlement agreement was entered between DSBE and the Petitioner on 3 December 2020 and the Winding-Up Petition was withdrawn on 16 December 2020. The alleged claim has been fully settled as at the date of this announcement.

This announcement is dated 6 April 2021.