Unless otherwise stated, all abbreviations used herein shall have the same meaning as those mentioned in the announcement dated 21 April 2021 in relation to the Proposed Disposal by DSBE, an Indirect Subsidiary of Destini, of 382,500 Ordinary Shares in TDSB representing 51% equity interest in TDSB to THHE Fabricators Sdn. Bhd. (“THFab”) for a cash consideration of RM121,131.12.

The Board of Directors of Destini wishes to further announce that the following:

1) The correction on typograpghical error on the following sentence under Item 2- Details of the Proposed Disposal:

Subject to the terms and conditions of the SSA, the Sale Shares will be disposed to THFab; instead of TDSB; and

2) The Government of Malaysia (“the Government”) awarded the OPV Contract to the Company on 19 January 2017. Subsequently, the Company sub-contracted all the works under the OPV Contract to DSBE to leverage on DSBE’s knowledge and expertise in shipbuildings.  The sub-contract was awarded to DSBE vide a letter of award dated 1 March 2017.

Pursuant to the OPV Contract, delivery of the first OPV to the Government was scheduled on 22 February 2020, the second OPV on 22 May 2020, and the third OPV on 22 August 2020 (“Original Delivery Dates”). However, due to several reasons, the project completion was behind schedule.

The Government had on 17 November 2020, approved an extension of the OPV Contract and granted an extension of time to deliver the three OPVs with effect from 23 August 2020 to 22 August 2022 (“Revised Delivery Dates”). DSBE acknowledges a potential liquidated ascertained damage that may be imposed by the Government on the delay. However, LAD notice, if any, will only be ascertained and issued on the actual delivery date of the OPV. The obligations for delivery of the OPVs on the Revised Delivery Dates was made before the Share Sale Agreement. The provision of Corporate Guarantee by Destini to the Company is to honor the total subcontract works within the performance period obligated by DSBE, which is prior to the Share Sale Agreement was entered.

This announcement is dated 23 April 2021.