KUALA LUMPUR (May 21): Kismet Array Sdn Bhd, the investment vehicle of Mohamad Najib Mohd Ali, has emerged as a substantial shareholder in Destini Bhd (KL:DESTINI) with a 9.09% stake.

Kismet Array acquired the stake comprising 49.91 million shares via a direct business transaction on Monday, according to Destini’s bourse filing on Wednesday.

The filing did not disclose the price at which the shares were transacted. However, based on Destini shares’ closing price of 33.5 sen on Monday, the block was valued at RM16.72 million.

Kismet Array is wholly-owned by Mohamad Najib, according to a filing with the Companies Commission Malaysia.

Besides Mohamad Najib, Destini’s other substantial shareholders comprise Datuk Abd Aziz Sheikh Fadzir with a 10.82% stake and Datuk Lim Nyuk Sang @ Freddy Lim with a 6.62% stake.

According to Destini’s 2024 annual report, the company had previously disposed of equity stakes in two units to Mohamad Najib last year. 

In June 2024, Destini disposed its entire stake in wholly-owned Destini HRTC Sdn Bhd to Mohamad Najib for RM1 cash, and a 49% stake in Destini Engineering Technologies Sdn Bhd for RM1.

Destini booked gains on disposal from both deals. The Destini HRTC sale logged a gain on disposal of RM951,829, while the Destini Engineering Technologies deal resulted in a gain of RM3.43 million.

The bulk of the gains comprised the units' amounts due to Destini being assumed by Mohamad Najib, who wholly-owns both companies.

Shares in Destini ended half a sen or 1.47% lower at 33.5 sen on Wednesday, valuing the company at RM167.18 million.