Destini Buys Over Light Attack Helicopter Contract

SHAH ALAM: Halaman Optima Sdn Bhd, the company which got the contract to supply the six MD530G light scout attack helicopter, has been bought over by Destini Bhd. Destini, if you may recall is the builder of the MMEA’s NGPC and OPVs, through its subsidiary companies.

Destini took over the NGPC contract by buying the original contractor, Destination Marine Shipyard Sdn Bhd. It got the OPV contract by setting up a JV company with TH Heavy Engineering Bhd. And now it has taken over the MD Helicopters deal by buying the company that secured the contract, Halaman Optima for RM5.5 million.

The contract for the MD530G was officially announced at DSA 2016 show.

Destini announcement to Bursa Malaysia.

DESTINI BERHAD
– Proposed Acquisition of 70% Equity Interest in Halaman Optima Sdn. Bhd.

The Board of Directors of Destini Berhad (“Destini” or “the Company”) wishes to announce that Destini Prima Sdn. Bhd. (“DPSB” or “Purchaser”), a wholly-owned subsidiary of the Company, had on 16 February 2017 entered into a Share Sale Agreement (“SSA”) with Dato’ Harrison Bin Hassan (“HH”) and Dato’ Roslee Bin Muhamad Robat (“RMR”) (collectively as “Sellers”) for the proposed acquisition by DPSB of 70% equity interest in Halaman Optima Sdn. Bhd. (“HOSB”) comprising 700,000 ordinary shares in HOSB (“HOSB Shares”) (“Sale Shares”) for a purchase consideration of RM5,500,000.00 only (“Purchase Price”) to be satisfied entirely via cash (“Proposed Acquisition”).

Upon completion of the Proposed Acquisition, HOSB will become a subsidiary company of DPSB.

The details of the Proposed Acquisition are set out in the attachment herein.

This announcement is dated 16 February 2017.

Destini was originally called Satang Jaya, one of the companies which were given long-term contracts by the Defence Ministry in the 90s so they could become giants in their respective fields. Destini’s specialisation was the procurement and maintenance of safety equipment for the Armed Forces, from helmets to lifeboats.

However, as most of the safety equipment came standard with the weapon systems procured – helmets for aircraft/MBT/planes, lifeboat, ejection seats etc – the company was mostly left with taking care off the equipment instead of the more profitable procurement contracts and its fortunes floundered despite being listed on Bursa Malaysia. The company fortunes was revived in 2010, when the current management took over the company together with the change of name.

Destini according to its own website is “an integrated engineering solutions provider that has major interests in the aviation, marine and oil and gas sectors.” Basically it’s no longer a one trick pony.

One of the Destini subsidiary company is SERT Sdn Bhd, which sell and maintain trucks and 4X4s to the Armed Forces. SERT is the company which supplied the Uro Vamtac 4X4s to the Army in the past though it appears the company is no longer marketing the vehicle.

One day ahead of DSA 2016, SERT put up a Vamtac fitted with the Thales RapidRanger turret complete with missiles . The missiles were later taken off as Weststar which got the contract to supply the Starstreak missiles on its GK-MK1 vehicles complained to the show’s organisers.

— Malaysian Defence