Magma Group Successfully Concludes 15th AGM With Shareholders’ Support

Company’s Shareholders Approve All Resolutions and Endorse Strategic Initiatives for Growth

KUALA LUMPUR, 26 JUNE 2024 – Magma Group Berhad ("Magma" or the "Company"), a dynamic hospitality and investment holding group, is pleased to announce that the Company had successfully conducted its 15th Annual General Meeting ("AGM") today. Shareholders gathered to receive the annual report for the financial year ended 31 December 2023 ("FY2023"), and to vote on twelve (12) resolutions presented during the meeting.

All resolutions were unanimously approved, underscoring the shareholders' confidence in the Company’s strategic direction and leadership. The approved resolutions included the adoption of the financial statements for FY2023, the re-election of directors, and the reappointment of auditors, among others.

Dato' Sri Thomas Liang Chee Fong, Group Managing Director of Magma Group Berhad commented, "We are grateful for the continued support and trust of our shareholders. The approval of all resolutions enables us to move forward with our strategic initiatives aimed at enhancing value and driving sustainable growth. Our focus remains on strengthening our core hospitality operations, leveraging our flagship properties to improve occupancy rates and Average Room Rates (“ARR”). Additionally, we are committed to maintaining high standards of corporate governance and operational excellence. As we look to the future, we are optimistic about the opportunities ahead and are dedicated to creating long-term value for our shareholders."

As the Company looks ahead, it remains focused on its core operations within the hospitality sector, particularly leveraging the strengths of its flagship hotels, including Impiana KLCC Hotel, Impiana Hotel Ipoh, Impiana Hotel Senai, and WOLO Kuala Lumpur. The Group is committed to improving occupancy rates and ARR, capitalising on the expected increase in tourist arrivals and ongoing strategic initiatives.