VANGUARD BECOMES WHOLLY-OWNED SUBSIDIARY OF DESTINI BERHAD
KUALA LUMPUR, 25 November 2015 – World’s leading lifeboat manufacturer, Vanguard Composite Engineering Private Limited (“Vanguard”) is now a wholly-owned subsidiary of Malaysian public-listed company, Destini Berhad (“Destini”).
Destini is an integrated engineering solutions provider that is in the business of ensuring safety and survival in the aviation, marine and oil and gas sectors. The Group is a leading player in the maintenance, repair and overhaul (“MRO”) services specializing in safety and survival in the aviation and marine industry and a leading provider of tubular handling equipment and running services in the oil and gas sector.
Destini had initially acquired a 51% stake in Vanguard in December 2012 and had completed the acquisition of the remaining 49% stake in November 2015.
Newly appointed Chief Executive Officer of Vanguard, Mr. Alastair J. Bisset will spearhead Vanguard’s business expansion into the global arena. Mr. Alastair brings with him a wealth of experience in the marine industry with working stints in the UK, Canada, Philippines, Singapore and Malaysia over the last three decades.
The marine business under the Destini group has a worldwide reach via various business units involved in marine manufacturing as well as provision of marine MRO services. These businesses include TechnoFibre Group, which is involved in marine MRO services with service workshops in Australia, Malaysia, Singapore and Middle East; and Destini Shipbuilding and Engineering Sdn Bhd, a manufacturer of paramilitary vessels used for patrolling by government agencies globally.
Mr. Alastair J. Bisset said, “Being part of an international group like Destini gives Vanguard access to a wide network of global customers, operational support and financial resources. Vanguard would be able to leverage on Destini’s other shipyard and service station facilities for a larger production capacity and reach as well as tap into Destini’s other marine business units for technical collaborations, thus enabling Vanguard to embark on projects that are higher in terms of price, volume and technical complexity. With this acquisition, Vanguard will be able to accelerate our pace of product innovation and deliver a strong portfolio of solutions for the oil and gas and marine sectors.”
Source : Destini Berhad