Destini sees 3.11% stake cross off-market

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KUALA LUMPUR (Aug 17): Aviation and maritime maintenance, repair and overhaul (MRO) group Destini Bhd saw 31 million shares, worth RM19.22 million, exchange hands off-market today. The 3.11% stake crossed in a single direct trade at 62 sen.

At press time, no announcement has been made that identifies the seller of the shares. Interestingly, the shares were sold at a 15.6% discount to Destini’s closing price of 73.5 sen a piece on the same day.

Destini’s share price has rallied since end-June, rising 31.25% since last month.

It is interesting to note that Destini’s substantial shareholder, Freddy Lim @ Lim Nyuk Sang, had on July 26 disposed of 11 million Destini shares at 58 sen a piece, in a direct off-market transaction. Subsequently, he has gradually accumulated 1.51 million shares on the open market. Lim retains an 8.1% stake in Destini.

Meanwhile, the company’s largest shareholder and managing director Datuk Rozabil Abdul Rahman holds a 27.19% stake in the company.