Magma Group Announces New Leadership Appointment

Company Further Strengthens Its Market Position Under New Leadership

KUALA LUMPUR, 20 MAY 2024 – Magma Group Berhad ("Magma"), a dynamic investment holding and hospitality group, today announced a significant transition in its leadership. Dato’ Seri Ismail @ Farouk Bin Abdullah has decided to step down as Executive Chairman, with Dato’ Sri Lee Hock Seng, the current Deputy Executive Chairman, poised to take over the position.

This transition is a carefully planned succession that highlights the Group's commitment to continuity and strong leadership. Dato’ Seri Ismail @ Farouk Bin Abdullah is confident that Dato’ Sri Lee Hock Seng is the right person to guide Magma through future challenges and opportunities, ensuring the Group's continued and sustainable growth.

Dato’ Seri Ismail @ Farouk Bin Abdullah, the former Executive Chairman of Magma shared his thoughts on this transition, "It has been an honor to lead Magma Group Berhad through an era of transformative growth and to see it emerge stronger and more resilient. I am confident that Dato’ Sri Lee Hock Seng is the right leader for the next chapter of Magma’s journey. His profound understanding of our operations, market dynamics, and the strategic foresight he brings to the table are invaluable assets that will undoubtedly propel the Company forward."

Dato’ Sri Lee Hock Seng, Executive Chairman of Magma added, "I am deeply honored to take on the role of Executive Chairman at such a pivotal time for Magma. I am committed to building on this strong foundation and leading Magma into a future rich with opportunity and growth, ensuring that we continue to deliver value to our shareholders and stakeholders."

Dato' Sri Thomas Liang Chee Fong, Group Managing Director of Magma also commented on the leadership transition saying, "I extend my heartfelt congratulations to both gentlemen especially to Dato’ Sri Lee Hock Seng as he steps into this pivotal role. Together, I look forward to forge a stronger alliance at the helm of Magma, setting the stage for greater successes and achievements in the future. We are poised to reach new heights in the coming future."

Magma remains dedicated in its commitment to uphold strong corporate governance and ethical business practices under the new leadership. The Company believes this new chapter will enable it to further strengthen its market position and enhance its contributions to the economic and social landscapes.