Magma unit to acquire LUMA Hotel and adjoining buildings in KK for RM60.9 mln KUCHING (March 8): Magma Group Bhd’s wholly-owned subsidiary Magma Avenue Sdn Bhd (MASB) is acquiring the LUMA Hotel and four adjoining buildings in Kota Kinabalu for RM60.9 million to expand its hospitality portfolio. In a filing to Bursa Malaysia, the group said MASB had entered into a heads of agreement (HOA) on March 5 with several vendors for the proposed acquisitions, which involve both equity interests and property assets linked to the hotel’s operations. The transaction includes the acquisition of 100 per cent equity interest in HH Home Hotel Sdn Bhd for RM12.8 million. The purchase will be settled through […]

Magma unit to acquire LUMA Hotel and adjoining buildings in KK for RM60.9 mln #MagmaGroup #LUMAHotel #KotaKinabalu #HospitalityIndustry #RealEstate