KUALA LUMPUR, July 8 — Magma Group Berhad (“Magma” or the “Group”), a Main Market-listed hospitality, property and lifestyle group, has completed its Redeemable Non-Convertible Preference Shares (“RPS”) Set-Off following the listing and quotation of 166.418 million new ordinary shares on the Main Market of Bursa Malaysia Securities Berhad.
The completion follows shareholders’ approval obtained at Magma’s Extraordinary General Meeting (“EGM”) held on June 30, 2026, for the proposed set-off of the redemption price pursuant to the redemption of 47.712 million outstanding RPS amounting to RM47.712 million.
The RPS Set-Off was fully satisfied via the issuance of new ordinary shares in Magma to Skyload Express Sdn Bhd (“Skyload”), the holder of the RPS, at an issue price of RM0.2867 per share.
Following the completion of the exercise, Magma’s enlarged issued share capital stands at RM360.656 million, comprising 1.930 billion ordinary shares.
Magma said the non-cash settlement enables the Group to settle its outstanding RPS obligation while preserving cash resources for operational requirements and strategic growth initiatives.
The exercise also removes future dividend obligations attached to the RPS, which carried a fixed dividend rate of 4% per annum until fully redeemed, thereby enhancing the Group’s financial flexibility.
Group Managing Director and Group Chief Executive Officer Dato’ Sri Thomas Liang Chee Fong said the completion of the RPS Set-Off marks an important milestone in strengthening Magma’s capital structure.
“The completion of the RPS Set-Off allows Magma to settle an existing obligation through a prudent non-cash mechanism, while preserving financial flexibility to support our next phase of growth,” he said.
Focus remains on hospitality and property development
“This is particularly important as we continue to advance key strategic initiatives, including the development of Wolo Hotel & Residences and Wolo Mont Kiara KL. The exercise reflects our disciplined approach to capital allocation and our commitment to delivering sustainable long-term value for shareholders.”
Magma said the completion of the RPS Set-Off represents another step in enhancing the Group’s financial flexibility as it continues to focus on its hospitality and property development businesses.
