KUALA LUMPUR, Magma Group Bhd and KLCC Holdings Sdn Bhd are divesting the 519-room Impiana KLCC Hotel for RM315 million to Harum Aspirasi Sdn Bhd, a company largely owned by the Valiram family, known for its luxury retail business. The sale confirms an earlier The Edge report in February that the hotel was being put up for sale.
Magma is disposing of its 20% stake in Heritage Lane Sdn Bhd — the hotel’s owner — while KLCC Holdings is selling its remaining 80%. The sale price, which exceeds the RM300 million market valuation, signals strong investor confidence, both companies said in a joint statement.
Magma will receive RM63 million in cash for its stake and intends to use around RM45 million to repay borrowings, fund operations, and cover expenses. The repayment is expected to save about RM3.9 million in interest costs and strengthen its balance sheet.
The transaction allows Magma to unlock value from a non-core asset, reduce debt, and focus on higher-growth ventures. Upon completion, Heritage Lane will no longer be part of the Magma group.
The deal, subject to shareholder approval, is expected to generate a gain of about RM20 million for Magma and be completed by the first quarter of 2026. Magma’s shares closed unchanged at 31 sen on Friday, valuing the company at RM521.14 million. Year-to-date, the counter has gained 40.91%.
