Magma’s land buy for a Tioman resort lapses after four years, citing unmet conditionsMagma Group Bhd (KL:MAGMA), formerly known as Impiana Hotels Bhd, announced that its proposed acquisition of five parcels of land in Tioman Island for the development of a RM40 million resort has lapsed, following the expiry of conditions precedent set out in the sale and purchase agreements (SPAs).