this Rozabil, Perlis UMNO treasurer,do business the UMNO way, it was easy then, will Destini survive long in today's radically changed scenario ? Does he have the deep pockets to pump up ?? The banks could be more worried than him....
KUALA LUMPUR (May 22): Destini Bhd, an integrated engineering solutions provider, has clinched a two-year oil and gas contract to provide a tubular running services in Pakistan, worth US$8 million or RM31.76 million.
Destini said the contract was awarded by Lyallpur Oil Tool Pvt Ltd (LOT) to its wholly-owned Destini Oil Services Sdn Bhd. Spanning from July 1, 2018 to June 30, 2020, Destini said the contract comes with a one-year extension option.
This award, Destini said, is one stone for Destini to build its oil and gas presence in the Middle East, which is also in line with the group’s aim for geographical expansion and an increase in contribution from its commercial businesses.
In accordance with the contract award, Destini said it will provide specialised oilfield equipment and experienced expatriate personnel for LOT to execute tubular running services.
LOT has interests in downhole drilling and completion products. It also provides oil and gas services in the Middle East and North Africa region.
“The board of directors of Destini, after having considered all aspects of the letter of award, is of opinion that it is in the best interest of Destini,” the company said in a separate filing with Bursa Malaysia today.
Destini said crude oil prices have been on the rising trend since the start of the year, ranging from US$63 per barrel to US$75 per barrel.
“The market is optimistic that oil price could potentially shoot above US$80 per barrel, which could make the sector positive again,” it added.
Destini is listed on the Main Market and it is controlled by president and group chief executive officer Datuk Rozabil Abdul Rahman, who is linked to UMNO.
Destini shares have suffered from the selling pressure since the market resumed trading after the 14th general election. Its share price has almost halved from 43 sen on May 8 and closed at 22.5 sen today, for a market capitalisation of RM259.93 million.
This company acquired a lot of foreign companies last year, which are involve in military training and services, that why last year, net profit down. some more the company still has almost 1 billion project on hand, and they yet to realize any profit from the 3 vessels.
Price is already rock-bottom. good prospects to buy. People said company is politically linked to previous guard but this is business, all companies have to be in the good book. Fundamental is strong. But this is life man...
Politik politik pun, despite report that says rozabil is a party card holder of previous regime, he is also linked to present govt. his father - dato abdul rahman, i heard, is one of the founders of PKR
agreed with kevin, this company has projects overseas and expanding. analyst report says it has the service has barriers of entry with international certification etc. i think the run down is due to impulse sell, foreign loading out and margin call pressure
Destini Oil got job in Pakistan, wow. Need to diversify and go all out given the pick up in oil prices. buy low , sell high - i hope destini is one. got burnt out in few other stocks oredi haha.
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Posted by ohbeeyee > 2018-05-20 10:35 | Report Abuse
this Rozabil, Perlis UMNO treasurer,do business the UMNO way, it was easy then, will Destini survive long in today's radically changed scenario ? Does he have the deep pockets to pump up ?? The banks could be more worried than him....