Magma partners Chagee Malaysia to grow tea business to 300 outlets
KUALA LUMPUR: Magma Group Bhd , via its wholly-owned subsidiary Magma Chain Management Sdn Bhd (MCM), is setting up a joint venture company (JVC) with beverage retailer Chagee (M) Sdn Bhd to operate and grow the Chagee business in Malaysia.
In a statement, the hospitality group said the JVC, Chagee Magma Sdn Bhd, will be the primary vehicle for developing branded retail outlets and other commercial initiatives within the premium tea and beverage segment.
The JVC aims to establish up to 300 directly managed Chagee outlets in Malaysia within three years, to be progressively rolled out in phases.
Under the terms of the collaboration, Chagee will have a 60% interest in the JVC, while MCM will own the remaining 40%.
"This joint venture reflects Magma Group's strategic vision to diversify into high-growth lifestyle and consumer segments.
"The partnership leverages CHAGEE's proven operational excellence and strong consumer appeal, recently reinforced by its successful listing on Nasdaq, alongside Magma's deep expertise in local market development and execution.
"Together, we see substantial opportunities to capture significant value within Malaysia's expanding premium tea market," said Magma group managing director and group CEO Datuk Sri Thomas Liang Chee Foong.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Sun
4 hours ago
- The Sun
Kenanga Investors Leads Phase 3 Of Dive Against Debris Initiative
KUALA LUMPUR, MALAYSIA - Media OutReach Newswire - 26 May 2025 - Kenanga Investors Berhad (' Kenanga Investors ') returned as the lead sponsor for the Dive Against Debris initiative for the third consecutive year, having supported the programme since its inception. Organised by the Black Eye Scuba Team (' BEST '), the programme was held from 10 to 12 May 2025 at Pulau Perhentian Kecil, focusing on marine and beach clean-up along Long Beach and its surrounding waters, while fostering greater environmental awareness. The initiative saw the participation of volunteers from Malaysia and abroad, with 25 individuals representing Kenanga Investors, including employees, distribution partners, and clients. Together with other volunteers, they contributed to the collection of 282.4 kilogrammes of waste and debris from both the beach and nearby marine areas. As part of the programme, an environmental conservation talk was conducted at Sekolah Kebangsaan Pulau Perhentian to encourage students to develop awareness of sustainability and the importance of protecting the environment from an early age. This effort reflects Kenanga Investors' broader commitment to shaping a better future for the communities it serves. 'Phase 3 marks our third year supporting this initiative and reinforces our commitment to environmental, social, and governance priorities,' said Datuk Wira Ismitz Matthew De Alwis, Executive Director and Chief Executive Officer of Kenanga Investors. 'We believe in taking active steps to protect our environment and remain dedicated to long-term efforts that drive meaningful and lasting change. This initiative is one of the many ways we uphold our belief in 'Invest for Good'.' 'We are thankful to everyone who represented Kenanga Investors during this programme,' added Datuk Wira De Alwis. 'It is through the dedication of all of our stakeholders that we bring our values to life and make a tangible difference where it matters.' This initiative is one of many ways Kenanga Investors brings its ESG commitments to life. In line with this, the firm is also proud to champion the Eq8 FTSE Malaysia Enhanced Dividend Waqf ETF (' Eq8WAQF '), the world's first Waqf-featured Exchange Traded Fund, reflecting the firm's dedication to impact investing and creating long-term, sustainable benefits for communities.
The Sun
5 hours ago
- The Sun
Kenanga Investors Launches New Global Real Asset Fund
KUALA LUMPUR, MALAYSIA - Media OutReach Newswire - 3 June 2025 - Kenanga Investors Berhad (' Kenanga Investors ') has announced the launch of the Kenanga Alternative Series: Global Real Assets Fund (' KASGRAF '), a new addition to its Kenanga Alternative Series (' Series '). The KASGRAF is an open-ended retail fund designed to achieve steady growth by diversifying investments across global real assets through carefully selected exchange-traded funds (' ETFs '). The Fund's ETF exposure is managed by GAX MD Sdn Bhd (' GAX MD ' or ' External Fund Manager '), which employs sophisticated algorithms and advanced investment models to ensure precise and effective management of global real assets. GAX MD is also the creator of MYTHEO, a digital investment management platform launched in Malaysia since 2019. 'The introduction of the KASGRAF enables Kenanga Investors to provide investors with enhanced growth opportunities through well diversified, global investment strategies. Amidst the complex economic landscape of today, the value of physical assets such as real estate, commodities and precious metals often appreciate, enabling investors to maintain the real value of their wealth. By integrating real assets into our portfolios, we offer our investors a robust hedge against market uncertainties and a means to achieve steady returns due to its sustainable growth potential', said Datuk Wira Ismitz Matthew De Alwis, Executive Director and Chief Executive Officer of Kenanga Investors. 'Our partnership combines Kenanga Investors' extensive asset management expertise with GAX MD's advanced quantitative modelling capabilities, creating a strategy based on a systematic, data-driven and cost-efficient approach to portfolio construction that optimises performance while strengthening diversification and risk management', he elaborated. KASGRAF aims to achieve a steady growth of investment assets and realise stable income, making it an ideal choice for investors with medium-term investment horizons. The fund's core strategy involves investing primarily in ETFs linked to a diverse array of real assets. This includes sectors such as real estate, precious metals and commodities. By diversifying across these areas, KASGRAF helps to mitigate risk while enhancing the potential for returns. The Fund is available for subscription in MYR with a minimum initial investment amount of RM1,000. 'We are excited to partner with Kenanga Investors in bringing our advanced proprietary algorithms to a wider audience. ETFs allow investors to access a diverse range of asset classes including real estate, commodities and precious metals, without the high costs and complexities of direct ownership. For optimal selection, the Fund's strategy follows a rigorous screening process based on key factors such as liquidity, expense ratios and tracking efficiency. By combining data-driven analysis with a structured ETF selection process, the strategy maximises efficiency while maintaining flexibility to adapt to evolving market conditions. At GAX MD, we are excited to contribute to the success of KASGRAF and its investors, empowering them to navigate the complexities of the market with confidence', said Ronnie Tan, Managing Director and Chief Executive Officer of GAX MD. The launch of the Series aligns with Kenanga Investors' longstanding goal of offering diverse investment solutions to meet investors' varying needs/objectives. In addition to KASGRAF, the Series also includes the Kenanga Alternative Series: Income Opportunities Fund and Kenanga Alternative Series: Islamic Global Responsible Strategies Fund. Each fund offers unique benefits, allowing investors to diversify and hedge their portfolios according to their needs. This commitment to innovative products has earned the firm recognition for its expertise in alternatives investments. This year it received the Malaysia Best House for Alternatives award from Asia Asset Management's 2025 Best of the Best Awards for the sixth time.
The Star
7 hours ago
- The Star
Indonesia submits key document in bid to join Organisation for Economic Co-operation and Development
JAKARTA (Bernama) -- Indonesia has formally submitted its Initial Memorandum to the Organisation for Economic Co-operation and Development (OECD), one year after the country received its accession roadmap at the 2024 Ministerial Council Meeting (MCM). Coordinating Minister for Economic Affairs Airlangga Hartarto led the country's delegation to Paris from June 2 to 5 to attend the OECD MCM, the ministry said in a statement on Tuesday. Airlangga, who heads the country's OECD Accession National Team, handed over the document to OECD secretary-general Matthias Cormann on Monday, marking a major milestone in its bid to join the 38-member bloc. "The completion of the Initial Memorandum within one year reflects our strong national commitment to OECD accession,' he said, while acknowledging that the path ahead remains "a long marathon' requiring continued engagement with OECD committees. According to the ministry, the Initial Memorandum outlines Indonesia's self-assessment of its compliance with OECD standards across 32 chapters and 240 legal instruments. Its drafting involved 64 ministries and agencies across 26 sectors and eight cross-sectoral areas, under Presidential Decree No. 17/2024 and Ministerial Decree No. 232/2024, the ministry added. The OECD, founded in 1961 and headquartered in Paris, provides a platform for member countries to develop evidence-based policies, share best practices and address global economic, social, and environmental challenges. - Bernama
