KUALA LUMPUR, January 16 – In a significant development during the Case Management on 9 January 2024, Magma Group Berhad successfully navigated its ongoing legal proceedings as the Court granted Public Bank Berhad permission to withdraw the Suit against the Defendants, including Magma’s subsidiary, Astaka Mekar Sdn Bhd. The withdrawal, executed with the liberty to file afresh and without any order as to costs, represents a pivotal moment for Magma, allowing it to move past challenges and focus on new business opportunities.
The Suit, originating from disputes over outstanding sums, including accrued interest, has now paved the way for the company to recalibrate strategies and pursue sustainable growth. Dato’ Sri Thomas Liang Chee Fong, Managing Director of Magma Group Berhad, expressed optimism about the future, emphasizing the commitment to strong corporate governance and ethical practices as the company enters this new chapter. As of 10 January 2024, 12:30 P.M., Magma’s share price stood at RM0.270, reflecting a market capitalization of RM255.2 million.
