Destini calls off acquisition of Indonesian port services provider

PETALING JAYA: Destini Bhd has terminated the share sale agreement it entered into with PT Berkah Sadaya Adikarya to acquire 99.9% of its holdings in port services provider PT Muara Badak Perkasa.

In a Bursa filing, the group said after taking into consideration the current market conditions and the situation of the Covid-19 pandemic in both Malaysia and Indonesia, it has mutually agreed with Berkah Sadaya to terminate the agreement. The proposed acquisition was announced in February this year, with the aim of allowing the group to diversify its revenue stream into the provision of port related services to mining companies.

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