Reliance Pacific CEO disposes of 18.7% stake for RM36m

Reliance Pacific CEO disposes of 18.7% stake for RM36m
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KUALA LUMPUR (May 16): Reliance Pacific Bhd's chief executive officer Datin Irene Tan has disposed of 160.3 million shares in the company, representing an 18.7% stake for 22.5 sen a share, or RM36.07 million in total.

In a filing with Bursa Malaysia today, it was revealed that Tan and her husband, Datuk Gan Eng Kwong, had disposed of the shares held through Reliance Holdings Sdn Bhd last Friday (May 13).

The shares were disposed of at a 40% discount to Reliance Pacific's closing market price of 37.5 sen last Friday.

Following the disposal, Tan and Gan now hold 236.4 million shares or 27.54% stake in Reliance Pacific.

Reliance Pacific is well known in the tourism sector, as it operates the Avillion Hotel Group which in turn 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.

On April 12, Datuk Md Wira Dani Abdul Daim, the son of former finance minister Tun Daim Zainuddin, had emerged as a substantial shareholder in the company after upping his stake to 105.49 million shares, or 12.29%.

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.

Reliance shares closed the trading day today down one sen or 2.7% to 36.5 sen, for a market capitalisation of RM313.37 million.