KUALA LUMPUR (June 14): Destini Bhd (KL:DESTINI) said on Friday its indirect subsidiary was served with a winding-up petition for purportedly failing to pay RM18.55 million owed to the tax authority.
The Inland Revenue Board is seeking for Destini Shipbuilding and Engineering Sdn Bhd to be wound up and that the Official Receiver of Malaysia be appointed as the official liquidator, Destini said in an exchange filing. The unit, however, is not a major subsidiary, Destini noted.
Destini Shipbuilding is seeking legal advice, the company said. Case management for e-review has been fixed for July 9 and hearing date has been set for Sept 12 this year.
Destini, which provides engineering services related to the aviation, defence, energy, rail and marine sectors, has posted net loss for the past three quarters. The company has invested RM3 million in shipbuilding activities through its wholly owned subsidiary Destini Armada Sdn Bhd.
“The company is not expected to have any further loss arising from the winding-up petition,” Destini added.
The petition came less than a month after Dutch shipbuilding company Damen Shipyards Gorinchem BV initiated arbitration proceedings against Destini and Destini Shipbuilding, claiming up to €3.03 million (RM15.45 million) over alleged unpaid invoices.
Shares of Destini closed half a sen or 1.6% higher on Friday ahead of the announcement. At a closing price of 31.5 sen, Destini is valued at RM157.2 million.