This article first appeared in The Edge Financial Daily, on April 13, 2016.

KUALA LUMPUR: 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 yesterday showed that Md Wira Dani, together with his mother Toh Puan Mahani Idris, acquired 66.97 million shares, which represent a 7.8% stake in the company, last Friday via off-market transactions.

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

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

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

The group’s chief executive officer Datin Irene Tan and 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 two sen, or 5.06%, to 37.5 sen yesterday, with a market capitalisation of RM321.96 million.