Magma to keep growing property developments, hospitality and F&B ops
This includes the company's entry into the fast-growing premium food and beverages (F&B) segment.
As it moves into the second half of financial year 2025 (FY25), the group continues to strengthen its shareholder base, financial position and operational focus in line with its goal of becoming a leading lifestyle-centric investment group in Malaysia.
Magma concluded its 16th annual general meeting (AGM) today, with all resolutions tabled receiving approval.
Shareholders approved the audited financial statements for the year ended Dec 31, 2024 (FY24), re-elected retiring directors and re-appointed Moore Stephens Associates as external auditors.
It also approved the payment of directors' fees and benefits until the next AGM.
One of the key resolutions passed was the renewal of the board's authority to issue shares under Sections 75 and 76 of the Companies Act 2016, up to 10 per cent of the total issued shares.
Shareholders also approved a new mandate for recurrent related party transactions, allowing the group to handle routine operations more efficiently in line with Bursa Malaysia's listing rules.
Magma group managing director cum group chief executive officer Datuk Seri Thomas Liang Chee Fong said this year's AGM represents more than just procedural approval.
"It affirms shareholder confidence in our strategic repositioning as a lifestyle-focused conglomerate.
"With the corporate restructuring behind us, and new ventures such as our Mont Kiara land acquisition and joint venture with Chagee in motion, we are now firmly focused on execution and sustainable value creation," he added.
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