Impiana Hotel Changes Name to Magma Group Bhd After Acquisition by Datuk Seri Lee Hock Seng

Impiana Hotel Bhd has officially rebranded itself as Magma Group Bhd, effective immediately, according to a filing with Bursa Malaysia. The change in company name comes after a significant acquisition by Datuk Seri Lee Hock Seng and Datin Seri Joanne Yew Hong Im, who emerged as the largest substantial shareholders of the group in August. The duo acquired 120.8 million shares, representing a 19.9% stake in the company.

Datuk Seri Lee Hock Seng is the Chairman of HYM Group, which owns and operates WOLO Kuala Lumpur and Gold3 Boutique Hotel on Jalan Bukit Bintang.

The private placement of 85.93 million shares, which was previously announced by Impiana Hotel, was successfully completed on the same day as the name change.

Impiana Hotel, now Magma Group Bhd, was previously involved in the hospitality and property development sectors, managing hotels under its brand, including Impiana KLCC Hotel and Impiana Hotel Ipoh.

In the third quarter ending September 30, 2023 (3QFY2023), the group reported a net loss of RM2.75 million, an improvement from the RM3.47 million loss reported in the same period the previous year (3QFY2022). Quarterly revenue for 3QFY2023 stood at RM4.54 million, down from RM5.61 million in 3QFY2022.

Shares of Magma Group Bhd (formerly Impiana Hotel) remained unchanged at 26.5 sen, resulting in a market capitalization of RM228 million.

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