Tie-up news raises Destini shares

PETALING JAYA: Destini Bhd's shares rose 2.08% this morning, following the group's announcement that it had tie up with Singapore-listed Federal International (2000) Ltd to bid for oil and gas projects in South Asia and Southeast Asia.
As at 10.38am, the stock stood at 49 sen with 1.3 million shares changing hands. Its market capitalisation stood at RM560.3 million.
Destini said it had entered into a joint venture and shareholders agreement (JVA) with Federal International for the collaboration.
Upon the completion of the JVA, its unit Destini Oil Services Sdn Bhd and Federal International's subsidiary Federal Hardware Engineering Co Ltd will incorporate a 50:50 joint venture company (JVCo) in Singapore.
The JVCo intends to bid for floating production systems in greenfield development; transportation and installation services; well abandonment and field decommissioning services; downhole and well workover services.