Destini had accepted a letter of award from the Ministry of Defence Malaysia for the procurement of scheduled and unscheduled maintenance, testing, technical services (modification, training, publication, and consultation), and supply of spare parts and related components, for the nonairborne equipment to the Royal Malaysian Air Force.
The value of the Contract is approximately RM25.44 million with a tenure of three years starting from 20 June 2023 to 20 June 2026 and DPSB is required to provide a performance bond of RM424,000.
The risk factors affecting the Contract include the non-fulfillment of the salient terms of the Contract as set out in this announcement, which will lead to the termination of the Contract. However, DPSB said it will take all reasonable steps to ensure that the salient terms of the Contract are met.
The Contract is not subject to Destini shareholders’ approval. Save for the above, Contract is not conditional upon any other corporate proposal of Destini.
