Destini Bhd is proposing to consolidate shares, combining every 10 existing shares into one, with an entitlement date yet to be determined.

The move aims to adjust market prices for both shares and warrants B.

Based on March 22's closing price, the consolidated shares would theoretically be valued at 35 sen, while warrants B would adjust to 15 sen.

After consolidation, Destini's share base will decrease to 499.06 million shares at a minimum or 665.41 million at a maximum, factoring in full exercise of outstanding warrants B.

With a current share capital of RM612.91 million and 1.66 billion outstanding warrants B as of March 22, Destini believes the consolidation will improve its share capital structure and potentially reduce share price volatility.

The proposal is subject to approval from Bursa Securities and shareholders at an EGM, expected to conclude by the second quarter of 2024.

UOB Kay Hian Securities (M) Sdn Bhd has been appointed as the principal adviser for the consolidation exercise.