DESTINI Annual Report 2020

Group Company 2020 2019 2020 2019 RM RM RM RM Revenue form contracts with customers: -Sales of goods 19,368,237 25,870,101 - - -Rendering of services 78,155,210 184,304,380 - - -Contract revenue 92,602,128 87,562,328 - - -Management fee - - - 2,825,000 190,125,575 297,736,809 - 2,825,000 26. Redeemable Preference Shares (Cont’d) The main features of the preference shares are as follows: (i) The preference shares shall confer a right to a fixed non-cumulative preferential dividend at the fixed rate of GBP0.01 per annum. The preferential dividend shall rank for payment in priority to the payment of a dividend on any other shares of the subsidiary. (ii) The preference shares shall not confer the right to any further or other participation in the profit of the subsidiary. (iii) The preference shares will be redeemed at GBP1.00 each in a date to be determined later but not later than thirty- six (36) months from the date of issuance. (iv) The preference shares shall rank in priority in any distribution of assets in the event of liquidation, dissolution or winding-up of the subsidiary. 27. Trade Payables Credit terms of trade payables of the Group and Company ranged from 30 to 90 days (2019: 30 to 90 days) depending on the terms of the contracts. 28. Revenue ANNUAL REPORT 2020 DESTINI BERHAD Notes to Financial Statements 163