PETALING JAYA: Magma Group Bhd
has received the green light from shareholders at its EGM for its proposed issuance of redeemable convertible notes (RCN) aimed at raising up to RM100mil.
It said the move is expected to strengthen Magma’s financial standing and support the company’s long-term growth objectives across its core business segments.
According to Magma, the funds raised from the issuance will be allocated towards bolstering the company’s working capital requirements, modernising hotel facilities through refurbishment and upgrades, expanding business ventures, and repaying existing financing facilities.
This exercise formed a critical part of Magma’s broader strategy to enhance its operational capabilities while driving sustainable growth in its core hospitality and hotel management segments.
