KUALA LUMPUR (Dec 15): Impiana Hotel Bhd has changed its company name to Magma Group Bhd effective immediately, its Bursa Malaysia filing on Friday showed.

Notably, Impiana Hotel was in the spotlight in August this year after it saw Datuk Seri Lee Hock Seng and his spouse Datin Seri Joanne Yew Hong Im emerge as the group’s largest substantial shareholders following the duo’s acquisition of 120.8 million shares or a 19.9% stake in the company.

Lee is the group chairman of HYM Group, which owns and operates WOLO Kuala Lumpur and Gold3 Boutique Hotel on Jalan Bukit Bintang here.

Meanwhile, Impiana Hotel announced that the private placement of 85.93 million shares has been completed on Friday.

Impiana Hotel’s revenue was derived from the hospitality and property development businesses. It is managing hotels under its brand, including Impiana KLCC Hotel and Impiana Hotel Ipoh.

In the third quarter period ended September 30, 2023 (3QFY2023), the group posted a net loss of RM2.75 million compared with a loss of RM3.47 million in the same period last year (3QFY2022)

This is on the back of quarterly revenue of RM4.54 million compared with RM5.61 million in 3QFY2022.

Shares in Impiana Hotel settled unchanged at 26.5 sen, valuing the company at RM228 million.