KUALA LUMPUR (Aug 17): Integrated engineering and defence services provider Destini Bhd (KL:DESTINI) said two of its directors, Datuk Abd Aziz Sheikh Fadzir and Ismail Mustaffa, have stepped down from the board effective Aug 15.
The moves come ahead of a planned extraordinary general meeting (EGM) on Aug 21 requisitioned by Destini’s shareholders to remove four directors — including Abd Aziz and Ismail.
Abd Aziz, 63, who rejoined the board in 2023, had earlier supported changes to the board composition and executive leadership in the interests of corporate stability. He was redesignated as executive chairman on Dec 23, 2024, according to his resignation letter.
Last week, the group announced that Datuk Seri Dr Shahril Mokhtar, 54, has returned as executive director and group managing director.
Instead of waiting for the EGM, Abd Aziz was redesignated from executive chairman to non‑independent non‑executive director. Meanwhile, Ismail, 63, was also redesignated from executive director to non‑independent non‑executive director.
In his resignation letter, Abd Aziz said that although he will no longer serve as a director, he remains a substantial shareholder and will continue to have a significant long‑term interest in the company’s success.
Abd Aziz is Destini’s largest shareholder with a 0.455% direct interest and a 10.55% indirect stake held through Kenanga Investors Bhd on behalf of Dayanine Equity Sdn Bhd.
“I fully recognise and respect the rights of shareholders to express their views on the leadership and direction of the company. Following the requisition, I personally engaged with shareholders and carefully considered the different views expressed regarding the future of Destini,” he said.
The group also said last week that two career politicians — Datuk Seri Syed Razlan Syed Putra and Datuk Mua’Amar Ghadafi Jamal Jamaludin — who had been proposed as new directors, joined the board without the EGM taking place.
Destini shares closed unchanged at 26.5 sen on Monday, valuing the group at RM145.5 million.