KUALA LUMPUR (Jan 30): Shares in integrated travel, hotel and property group Avillion Bhd fell as much as 8.3% in the early morning trade session on Tuesday, after it caught the attention of investors on the back of the charging of former finance minister Tun Daim Zainuddin in court on Monday. 

Avillion and 23 of its subsidiaries were listed among the 71 assets in the Malaysian Anti-Corruption Commission’s (MACC) charge sheet in its case against Daim.

At 9.43am on Tuesday, the counter was trading down half a sen at 5.5 sen, as 1.35 million shares changed hands thus far. Its market capitalisation stood at RM57.14 million.

Since being appointed President and Managing Director of KPJ Healthcare Bhd in September 2023, Chin Keat Chyuan says his journey has been profound, especially in his engagements with hospitals and clinicians across Malaysia.

Over the past one year, Avillion has seen a 38.9% decline in its share price from nine sen on Jan 30, 2023. Its stock performance has been declining since hitting a peak of 78.5 sen in 2011, and sagged to its lowest point of three sen on March 19, 2020.

The company suffered losses between financial year 2016 (FY2016) and FY2023. For FY2023 ended March 31, the group recorded RM4.76 million in net loss. For the six-month period ended Sept 30, 2023 (1HFY2024), net loss widened to RM3 million, from a loss of RM2.37 million for the same period a year earlier.

The loss-making group’s largest shareholder is Daim’s son Datuk Md Wira Dani Abdul Daim, with a 21.82% stake via Ibu Kota Developments Sdn Bhd and Daza Holdings Sdn Bhd.

Wira Dani has been the group’s substantial shareholder since April 2016 - when the group was known as Reliance Pacific Bhd. Wira Dani and his mother Toh Puan Mahani Idris emerged as substantial shareholders of the group at the same time, but Mahani exited in 2020, after she transferred all her 247.3 million shares or 26.3% equity to a Maybank Trustees Bhd account.

On Monday, Daim pleaded not guilty before judge Azura Alwi to one charge under Section 36(2) of the MACC Act 2009, concerning an offence pertaining to disclosure of assets. 

He was charged with not declaring one Amanah Saham bank account, seven vehicles including a Rolls-Royce, an Austin Morris Austin and a Jaguar XJS HE, 38 companies and 25 properties, some of which are linked to the companies he owns.

Among the companies mentioned were Ibu Kota Developments Sdn Bhd, Maya Seni Holdings Sdn Bhd, Menara Ampang Sdn Bhd, Dream Cruiser Sdn Bhd, Landbelt Corporation Sdn Bhd, Avillion Bhd, Avillion Hotel Group, Admiral Cove Development Sdn Bhd and Avillion Hotels International Sdn Bhd, to name a few. 

https://www.theedgemarkets.com/node/699062