PETALING JAYA: Magma Group Bhd
is proposing to acquire the entire business and operations of the Luma Hotel in Kota Kinabalu, Sabah, together with four contiguous buildings where the hotel is currently operating from, for a total of RM60.9mil.
In a filing with Bursa Malaysia, the hospitality firm said it is acquiring the Luma hotel from Arboca Holdings Sdn Bhd, Avenue 2 Sdn Bhd, Great Path Development Sdn Bhd, Sutera Avenue Hotel Sdn Bhd and Tomato Holidays Sdn Bhd for RM12.80mil.
Meanwhile, the four contiguous buildings, comprising a total of 40 parcels of shop offices and retail shops, will be acquired from HKT Realty, Gamwon Properties, Zenith Everise and Upper Domain.
“The proposed acquisitions align with the group’s strategy to expand and enhance its hotel portfolio.
“By investing in a hospitality asset with strong growth potential, the group aims to strengthen its recurring income stream from the hotel segment, which is the group’s core business activity,” said Magma.
