Latest news with #MagmaGroupBhd
New Straits Times
29-05-2025
- Business
- New Straits Times
Magma's losses widen, revenue falls in Q1
KUALA LUMPUR: Magma Group Bhd's net loss widened in the first quarter (Q1) ended March 31, 2025 due to higher corporate-related and capital restructuring expenses. The company recorded a net loss of RM6.9 million for the quarter, compared to RM4.27 million in the same period last year, as revenue declined 8.5 per cent to RM6.3 million from RM6.9 million, according to a bourse filing. Its revenue from the hotel operation segment amounted to RM5.73 million, lower than RM6.29 million a year earlier. Meanwhile, the hotel management segment posted revenue of RM609,000, down from RM636,000 previously. In a statement, Magma said it has completed the acquisition of a 0.9-hectare plot in Mont Kiara valued at RM80 million and balance sheet restructuring. The land is slated for future commercial development and positions Magma for long-term growth in the urban property segment. The company also entered into a joint venture with Chagee (M) Sdn Bhd that will spearhead the expansion of Chagee's retail presence nationwide while introducing curated tea experiences that align with evolving consumer trends. Magma group managing director cum group chief executive officer Datuk Seri Thomas Liang Chee Fong said while Q1 results reflect transitional headwinds, the completion of land acquisition and strategic partnership with Chagee mark a meaningful shift in corporate narrative. "We are repositioning Magma as a forward-looking hospitality and lifestyle group, leveraging our core strengths to unlock new revenue streams, strengthen brand equity and align with the evolving Malaysian consumer. "With a stronger foundation now in place, we see compelling opportunities to scale recurring income across hospitality, food and beverage and property in a sustainable and value-accretive manner," he added.
The Sun
16-05-2025
- Business
- The Sun
Magma Group in joint venture to expand Chagee's footprint in Malaysia
PETALING JAYA: Magma Group Bhd's wholly owned subsidiary, Magma Chain Management Sdn Bhd, has signed a strategic joint venture and a subscription agreement with Chagee (M) Sdn Bhd, a premium tea brand, to accelerate the development of Chagee's retail footprint across Malaysia through a phased retail rollout. The joint venture marks a key milestone in Magma's diversification strategy in the premium food and beverage retail segment. Chagee will hold a 60% stake and Magma the remaining 40% in the new joint venture company, Chagee Magma Sdn Bhd. Chagee Magma aims to open up to 300 directly managed Chagee outlets across Malaysia over the next three years through a phased rollout, subject to prevailing market conditions. Magma group managing director and group CEO Datuk Seri Thomas Liang Chee Fong said the joint venture reflects the company'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,' he said in a statement. The collaboration combines Chagee's established brand strength, global credibility and premium product offerings with Magma's local market insights and development expertise to jointly facilitate the rollout of new outlets. Leveraging Magma's hospitality background and commercial presence in Malaysia, the partnership is well-positioned to accelerate Chagee's nationwide expansion and respond to growing demand for premium, lifestyle-oriented beverage experiences. Further, the joint venture aligns with Magma Group's broader vision to build a diversified portfolio that meets the evolving lifestyle preferences of Malaysia's dynamic consumer base, driving sustainable long-term shareholder value. Chagee is a leading premium tea drinks brand, serving healthy and delicious freshly made tea beverages. It entered the Malaysian market in 2019 under the name BaWangChaJi, before unifying its global branding under the Chagee name in September 2021. Today, Malaysia is Chagee's largest market outside of China, and its Malaysian operations are halal-certified by the Department of Islamic Development Malaysia.
The Sun
16-05-2025
- Business
- The Sun
Chagee to widen retail footprint in Malaysia via joint venture with Magma Group
PETALING JAYA: Magma Group Bhd's wholly owned subsidiary, Magma Chain Management Sdn Bhd, has signed a strategic joint venture and a subscription agreement with Chagee (M) Sdn Bhd, a premium tea brand, to accelerate the development of Chagee's retail footprint across Malaysia through a phased retail rollout. The joint venture marks a key milestone in Magma's diversification strategy in the premium food and beverage retail segment. Chagee will hold a 60% stake and Magma the remaining 40% in the new joint venture company, Chagee Magma Sdn Bhd. Chagee Magma aims to open up to 300 directly managed Chagee outlets across Malaysia over the next three years through a phased rollout, subject to prevailing market conditions. Magma group managing director and group CEO Datuk Seri Thomas Liang Chee Fong said the joint venture reflects the company'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,' he said in a statement. The collaboration combines Chagee's established brand strength, global credibility and premium product offerings with Magma's local market insights and development expertise to jointly facilitate the rollout of new outlets. Leveraging Magma's hospitality background and commercial presence in Malaysia, the partnership is well-positioned to accelerate Chagee's nationwide expansion and respond to growing demand for premium, lifestyle-oriented beverage experiences. Further, the joint venture aligns with Magma Group's broader vision to build a diversified portfolio that meets the evolving lifestyle preferences of Malaysia's dynamic consumer base, driving sustainable long-term shareholder value. Chagee is a leading premium tea drinks brand, serving healthy and delicious freshly made tea beverages. It entered the Malaysian market in 2019 under the name BaWangChaJi, before unifying its global branding under the Chagee name in September 2021. Today, Malaysia is Chagee's largest market outside of China, and its Malaysian operations are halal-certified by the Department of Islamic Development Malaysia.
New Straits Times
16-05-2025
- Business
- New Straits Times
Another 300 Chagee outlets in three years as Magma looks to grow tea business
KUALA LUMPUR: Hospitality-based Magma Group Bhd has formed a joint venture with Chagee (M) Sdn Bhd to launch 300 Chagee tea outlets in Malaysia over the next three years. Chagee entered the Malaysian market in 2019 under the name BaWangChaJi, before unifying its global branding under the Chagee name in September 2021. Today, Malaysia reportedly is Chagee's largest market outside China. Chagee Malaysia will hold a 60 per cent stake, while Magma's subsidiary Magma Chain Management Sdn Bhd will hold the remaining 40 per cent in the joint venture company, Chagee Magma Sdn Bhd. Magma said the joint venture represents an important step in its efforts to diversify into the premium food and beverage retail sector. The rollout will occur in phases, depending on market conditions, it added. "Detailed announcements regarding specific store launches will be provided in due course," the company said. Magma said the partnership strategically merges Chagee's strong brand reputation, international recognition and premium products with Magma's local market knowledge and development capabilities to support the rollout of new outlets. By leveraging Magma's experience in hospitality and established commercial presence in Malaysia, the collaboration is well-equipped to speed up Chagee's nationwide growth and meet the increasing demand for lifestyle-focused beverage options, it added. Magma group managing director cum group chief executive officer Datuk Seri Thomas Liang Chee Fong said the joint venture reflects its 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," he said. Magma's shares were traded 1.25 per cent or half a sen higher to 40.5 sen at midday, with a volume of 14.89 million shares changing hands.
The Star
25-04-2025
- Business
- The Star
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.
