KUALA LUMPUR (April 12): Datuk Md Wira Dani Abdul Daim, the son of former finance minister Tun Daim Zainuddin, has emerged as a substantial shareholder of Reliance Pacific Bhd, after upping his stake in the company to 12.29%.

A filing with Bursa Malaysia today showed that Dani, together with his mother Toh Puan Mahani Idris, had acquired 66.97 million shares, which represent a 7.8% stake in the company, on April 8, via off-market transactions.

Based on the closing price of Reliance Pacific shares on April 8 of 39 sen, the purchased 66.97 million shares have a market value of RM26.12 million.

With the purchase, Dani and Mahani now have an indirect 105.49 million shares or a 12.29% stake in Reliance Pacific, via their private vehicle Ibu Kota Developments Sdn Bhd.

Reliance Pacific is well known in the tourism sector, as it operates the Avillion Hotel Group, which operates a chain of luxurious hotels and retreats in Port Dickson, Melaka, Kuang, Janda Baik and Kuala Lumpur in Malaysia, as well as Bali in Indonesia.

The group’s chief executive officer Datin Irene Tan, along with her husband Datuk Gan Eng Kwong, are the major shareholders of Reliance Pacific, with an indirect 46.21% stake in the company, held through Reliance Holdings Sdn Bhd and nominees.

Reliance Pacific's share price ended the day down 2 sen or 5.1% at 37.5 sen today, for a market capitalisation of RM321.96 million.