National badminton legend Datuk Wira Lee Chong Wei has emerged as a major shareholder in Malaysian hotel management and property development company, Magma Group Bhd.
The Magma company financed the purchase of land worth RM80 million in Dutamas Kuala Lumpur from Skyload Express Sdn Bhd which is linked to executive chairman and major equity owner, Datuk Seri Lee Hock Seng.
During the extraordinary general meeting (EGM) held, the deal was approved by the company's shareholders.
Skyload Express Sdn Bhd shares are owned by Empire Solaris Sdn Bhd 55%, Chong Wei 45% who also holds 120 million shares or 7.7% direct interest in Magma.
Furthermore, 80% of Magma shares are owned by its main investor, Datuk Lee Hock Seng and the remaining 20% by Lee Kim Hai.
This situation has increased Chong Wei's shareholding in Magma by 7.7% to 8.15% making him the major stakeholder of 1.7% in the Magma company.
On September 24, 2024, Magma Kiara Sdn Bhd signed a conditional sale and purchase agreement (SPA) with Skyload Express to purchase the company's land.
