KUALA LUMPUR: Destini Bhd yesterday announced that its managing director Datuk Mohd Zahir Zahur Hussain has resigned from the job "to pursue personal interest and other commitment".
Mohd Zahir was appointed to the board of Destini as a non-executive director in October 2020 and made managing director in March this year.
In separate filings with Bursa Securities, the company also announced the appointment of two new executive directors, Datuk Kabol Surat and Ismail Mustaffa.
Kabol is chief executive officer of subsidiary, Destini Prima Sdn Bhd, while Ismail served as the executive director of Destini from August 2017 to March 2021.
Destini is a Ministry of Defence contractor, most recently winning a RM222.25 million contract extension to supply non-proprietary aircraft spare parts for the Royal Malaysian Air Force.
In a separate filing with Bursa Securities, the company said after taking into consideration its additional funding requirements, it will be undertaking a revised renounceable rights issue of up to 3,327,063,258 new Destini shares at the issue price of RM0.04 per rights share.
This will be on the basis of two rights shares for every one existing Destini share held, together with up to 1,663,531,629 warrants on the basis of one warrant for every two rights shares subscribed for.
The revised renounceable rights issue will raise up to RM133.08 million of funds.
Datuk Abd Aziz Sheikh Fadzir, and nominees of Abd Aziz, Dayanine Equity Sdn Bhd and Dayatahan Sdn Bhd, have undertaken to subscribe to 246,600,000 rights shares, being the minimum subscription level for the renounceable rights issue.
Dayanine will also subscribe for an additional 300,000,000 rights shares that remain unsubscribed by entitled shareholders.
As the proposed rights issue will be undertaken on the minimum subscription level, Destini does not intend to procure any underwriting arrangement for the remaining rights shares not taken up by other entitled shareholders.
Abd Aziz, Dayanine and Dayatahan have confirmed that they have sufficient financial resources to fulfil their respective undertakings and such confirmations have been verified by UOB Kay Hian Securities (M) Sdn Bhd, being the adviser for the proposed rights issue with warrants.