This article first appeared in The Edge Financial Daily on December 4, 2019

KUALA LUMPUR: Destini Bhd has secured a one-year extension for its contract with the defence ministry (Mindef) to provide maintenance, repair and overhaul services as well as supply safety and survival equipment to the Royal Malaysian Air Force. The contract's ceiling is RM50.18 million, Destini said in a filing with Bursa Malaysia.

The contract, awarded to Destini’s wholly-owned subsidiary Destini Prima Sdn Bhd, requires the company to carry out the Professional Training and Education for Growing Entrepreneurs (Protégé) programme and includes at least 20 Protégé participants at no cost to the government.

Destini said the award is expected to positively contribute to its earnings and net assets for the financial year ending Dec 31, 2019 (FY19) and FY20.

Destini shares closed half a sen or 2.38% lower at 20.5 sen yesterday, valuing the group at RM236.82 million.