KUALA LUMPUR (May 17): Datuk Md Wira Dani Abdul Daim, the son of former finance minister Tun Daim Zainuddin, has upped his stake in Reliance Pacific Bhd to 265.8 million shares, representing a substantial 30.96% stake in the company.

Dani acquired a block of 160.3 million Reliance Pacific shares, representing an 18.7% stake, on May 13 via an off-market transaction, according to a filing with Bursa Malaysia.

It would seem that the 160.3 million shares were purchased from Reliance Pacific chief executive officer Datin Irene Tan.

Tan had disposed of the 160.3 million shares that she held together with her husband, Datuk Gan Eng Kwong, through Reliance Holdings Sdn Bhd at 22.5 sen a share, or RM36.07 million in total, on May 13.

The shares were disposed of at a 40% discount to Reliance Pacific's closing market price of 37.5 sen on May 13.

Following the disposal, Tan and Gan now hold 236.4 million shares, or a 27.54% stake, in Reliance Pacific, leaving Dani as its largest shareholder.

Dani had emerged as a substantial shareholder in Reliance Pacific after acquiring 66.97 million Reliance Pacific shares, representing a 7.8% stake in the company, on April 8 via off-market transactions, bringing his total shareholdings in the company to 105.49 million shares or 12.29%.

With the latest purchase on May 13, Dani and his mother, Toh Puan Mahani Idris, now have an indirect total of 265.8 million shares, or a 30.96% 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, in turn, runs 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.

Its share price hit a one-year high of 41 sen on April 15, following news of Dani's emergence as a substantial shareholder in the company. Today, Reliance Pacific rose 0.5 sen or 1.4% to 37 sen for a market capitalisation of RM317.66 million.