KUALA LUMPUR – Former Dewan Rakyat speaker Tan Sri Azhar Azizan Harun has stepped down from his chairman role at integrated engineering solutions provider Destini Bhd after helming the post for less than a year.
Azhar’s resignation from the company, where he also held an independent and non-executive directorate, is due to “personal commitments”, the company said in a filing on Bursa Malaysia yesterday.
Datuk Abd Aziz Sheikh Fadzir has been redesignated from the group’s non-independent director to its new non-independent non-executive chairman.
Azhar, who is commonly known as Art Harun and was the Dewan Rakyat Speaker from 2020 to 2022, was first appointed as the group’s chairman in June last year after serving as an independent director since May of the same year.
Following the announcement, Destini’s share prices have fluctuated, recording a 11.11% decline as of 11.32am today and giving it a market capitalisation of RM199.62 million.
In July last year, Destini received a two-year contract extension worth RM222.25 million from the Defence Ministry for the supply of non-proprietary aircraft spare parts for the Royal Malaysian Air Force.
The company said in a bourse filing then that the contract tenure, which initially expired on June 30, 2023, has been extended to June 30, 2025, bringing the total value of the contract to RM403.75 million.
Last September, the group’s fully-owned subsidiary Destini Prima Sdn Bhd secured a RM19.04 million contract from the ministry for the procurement, supply, and delivery of the Forges de Zeebrugge rocket motor.
Destini Prima was required to provide a performance bond of RM476,037.97, and the contract tenure was reported to be for a two-year period beginning September 6, 2023. – March 12, 2024