Magma completes RM80mil acquisition of Dutamas land
KUALA LUMPUR: Magma Group Bhd , formerly known as Impiana Hotels Bhd, has announced the successful RM80mil acquisition of a 2.26-acre parcel of leasehold land along Persiaran Dutamas in Kuala Lumpur.
In a statement, the group said the newly acquired prooperty will anchor its next commercial devleopment.
"The completion of this acquisition is a pivotal milestone that not only enhances our property development pipeline, but also reaffirms the trust placed in us by our shareholders," said Magma group managing director Datuk Sri Thomas Liang Chee Fong in a statement.
The land acquisition was approved by Magma's shareholders at an extraordinary general meeting on March 21, 2025, whereby the directors also got the green light for a share capital reduction of RM379.21mil and amendments to the group's constitution to facilitate the issuance of redeemable non-convertible preference shares (RPS) related to the acquisition.
To fund the acquisition, Magma made a cash payment of RM8mil and issued 120 million new shares in the company at 20 sen per share and 47.71 million RPS at RM1 apiece.
Following the issuance of shares, Skyload Express Sdn Bhd emerged as a substantial shareholder with 120 million shares or 7.697% of Magma's issued capital.
Other parties that now have direct or indirect interest in the companyt include Empire Solaris Sdn Bhd, Lee Kim Hai, Datuk Wira Lee Chong Wei and Datuk Sri Lee Hock Seng.
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