Reliance Pacific CEO Irene Tan quits, Daim’s son becomes ED

Avillion Layang Layang is making its debut with its diver’s package at a great saving of RM 1,251 per person.

KUALA LUMPUR: Reliance Pacific Bhd on Wednesday announced the resignation of its long-time chief executive officer Datin Irene Tan and the appointment of Datuk Md Wira Dani Abdul Daim, who recently emerged as a substantial shareholder, as its executive director.

In filings with Bursa Malaysia, the travel and tourism-based group said Tan, 61, would step down on Sept 30 while Dani, the 37-year-old son of former Finance Minister Tun Daim Zainuddin, was appointed effective immediately.

Tan, who was responsible for the development of the country’s first homegrown travel franchise under the Reliance brand, and her husband, Reliance founder Datuk Gan Eng Kwong, ceased to substantial shareholders of the company earlier this month. Tan’s deemed interest is currently 1.7%.

The couple stopped being controlling shareholders with effect from June 6, according to a Reliance notice to Bursa Malaysia on July 15. Dani, meanwhile, has boosted his deemed interest to 30.96% through Ibu Kota Developments Sdn Bhd.

Dani is currently also a non-executive director of Liongold Corp Ltd, a gold mining company listed on the Main Board of the Singapore Exchange (SGX), and the executive chairman of SGX-listed investment firm ISR Capital Ltd.

In addition, he is a non-executive director of GCM Resources PLC, a company listed on the London Stock Exchange and chairman of Astute Capital Ltd, a company incorporated in the British Virgin Islands.

Among Tan’s achievements was leading a team of hotel professionals in developing Malaysia’s first homegrown hotel management franchise system for the Seri Malaysia chain of hotels.

She spearheaded and developed the Avillion Hotel Sydney, Avillion Hotel Port Dickson, Admiral Cove Development and Admiral Marina & Leisure Club in Port Dickson and Golden Envoy in Johor.

Reliance swung to an unaudited net loss of RM24.2mil for the financial year ended March 31, 2016, compared with a profit of RM813,000 in the preceding year (FY15). Only its hotel operations turned a profit last year, albeit less than a third of that in FY15. The property and tourism (travel services and tours) divisions were in the red.

Reliance shares inched up half a sen to close at 35.5 sen on Wednesday, with 175,000 shares changing hands.