Magma Group Berhad (“Magma” or the “Company”), a Malaysian conglomerate and investment holding entity rooted in hospitality, with a growing presence in property development and related sectors, successfully concluded its 16th Annual General Meeting (“AGM”) today at Impiana KLCC Hotel, Kuala Lumpur.
The meeting saw the approval of all resolutions tabled, underscoring continued shareholder support for the Group’s evolving business strategy and governance framework.
During the AGM, shareholders adopted the audited financial statements for the financial year ended 31 December 2024 (“FYE2024”), alongside the re-election of retiring directors and the re-appointment of Moore Stephens Associates PLT as the Company’s external auditors.
Approval was also granted for the payment of directors’ fees and benefits for the period ending at the next AGM, maintaining the Group’s commitment to transparent and responsible board remuneration.
A key resolution passed during the meeting was the renewal of authority for the Board of Directors to allot and issue shares in the Company pursuant to Sections 75 and 76 of the Companies Act 2016, up to a limit not exceeding 10% of the total number of issued shares.
In addition, shareholders approved the new shareholders’ mandate for recurrent related party transactions of a revenue or trading nature, which will enable the Group to manage its operational dealings more efficiently and in accordance with Bursa Malaysia’s Listing Requirements.
Speaking after the meeting, Dato’ Sri Thomas Liang Chee Fong, Group Managing Director cum Group Chief Executive Officer of Magma Group Berhad, expressed his appreciation for the continued trust and support from shareholders.
He commented, “This year’s AGM represents more than just procedural approvals; 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.”
As the Group moves into the second half of FY2025, it remains committed to delivering long-term growth through integrated property developments, hospitality assets, and lifestyle investments including its entry into the fast-growing premium F&B segment.
Magma 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.
For more information, visit https://www.magma.my/.
