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- Magma said it is consulting its solicitors and has sent a letter to the plaintiff's solicitor as part of efforts to settle the matter amicably.
KUALA LUMPUR (Aug 20): Magma Group Bhd (KL:MAGMA) said Impiana Selo Tioman Resorts Sdn Bhd, a 75%-owned unit of the hospitality group, is being sued by two individuals over an alleged breach of a sale and purchase agreement relating to five parcels of land in Tioman, Pahang.
In a bourse filing on Tuesday, Magma said the individuals, Marc Bovell Paul Desmidt and Erin Camille Desmidt, are claiming a sum of US$974,968 (RM4.59 million) from Impiana Selo Tioman Resorts.
"The plaintiff alleges that there has been no progress in the development of the land and has been informed that the development will not proceed," said Magma, previously known as Impiana Hotels Bhd.
The parties had entered into the agreement in January 2022.
Magma said it is consulting its solicitors and has sent a letter to the plaintiff's solicitor as part of efforts to settle the matter amicably.
Case management for the lawsuit has been fixed for Sept 20, 2025 by way of e-Review.
Shares in Magma ended half a sen or 2.38% lower at 20.5 sen, giving the company a market capitalisation of RM194.32 million.
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