Thursday, April 14, 2011

Reliance ... Apr11

Datuk Samsudin Abu Hassan has emerged as director of Reliance Pacific Bhd barely two months after he quit as executive director of Seloga Holdings Bhd. Reliance announced his appointment as its independent and non-executive director.

He said he was invited by Reliance group's major shareholder to join the board of the company.

Reliance is in the midst of selling off its travel business to focus on its hotel and property activities. In January 2011, Reliance announced that it was selling its travel division to Alpha Vantage Sdn Bhd for RM52.23mil because the travel units were losing money as margins in the travel business were thinning due to competitive pressure. Alpha Vantage is a company in which Reliance chairman Datuk Gan Eng Kwong and chief executive officer Datin Irene Tan are shareholders.

The group felt it would be more beneficial to focus and utilise resources on higher profit margin divisions.

Reliance has several plots of vacant land in Port Dickson. It owns the Avillion Hotel Group which has hotels in Port Dickson and Malacca.

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