Reliance CEO Irene Tan cuts down stake in company to 6.06%

Reliance CEO Irene Tan cuts down stake in company to 6.06%
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KUALA LUMPUR (July 8): Reliance Pacific Bhd chief executive officer (CEO) Datin Irene Tan has significantly cut down her stake in the loss making travel services provider and hotel operator to 6.06%, from a 46.21% stake in April this year.

Filings with Bursa Malaysia today revealed that Reliance Holdings Sdn Bhd, the investment vehicle of Tan and her husband, Reliance founder Datuk Gan Eng Kwong, has ceased to be a substantial shareholder in the company after disposing of 97.8 million shares or an 11.4% stake in the company on July 5.

After the disposal, Reliance Holdings now holds some 41 million shares, or a 4.8% stake, in Reliance Pacific.

With the disposal of their stake held through Reliance Holdings, and an additional 15.77 million shares, Irene and Gan are both left with 52.03 million shares, or a 6.06% stake, in Reliance.

The largest shareholder of the company is now Datuk Md Wira Dani Abdul Daim, the son of former finance minister Tun Daim Zainuddin, who now controls some 265.8 million shares or a 30.96% stake in the company.

See Ah Sing, who is said to be a person linked to Daim, controls 210.84 million shares or a 24.6% stake in the company after acquiring 113.58 million shares on July 5. He is also an executive director in Reliance Pacific.

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.

Reliance shares were down 0.5 sen (1.4%) to close at 36 sen today, for a market capitalisation of RM309.1 million.