<div class=newsTextDataWrapInner><p>KUALA LUMPUR (Aug 20): Magma Group Bhd (KL:<a href="/askedge/klse/7243" class="ce-stock" target="_blank">MAGMA</a>) 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. &nbsp;</p></div>

<div class=newsTextDataWrapInner><p>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.</p></div>

<div class=newsTextDataWrapInner><p>"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.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>The parties had entered into the agreement in January 2022.</p></div>

<div class=newsTextDataWrapInner><p>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.</p></div>

<div class=newsTextDataWrapInner><p>Case management for the lawsuit has been fixed for Sept 20, 2025 by way of e-Review.</p></div>

<div class=newsTextDataWrapInner><p>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.</p></div>


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.

Magma's 75%-subsidiary sued over alleged breach of agreement

<p>WCT Holdings Bhd (KL:WCT) has proposed to dispose of three retail properties for RM2.44 billion to a newly established real estate investment trust (REIT) named Paradigm REIT, which will be listed on the Main Market of Bursa Malaysia.</p>


WCT Holdings proposes RM2.44 bil disposal of retail properties to a newly established REIT

<p>Here is a brief recap of some corporate announcements that made the news on Wednesday.</p>


WCT, Capital A, Press Metal, Eco World International, Scientex Packaging, Barakah Offshore, Kimlun, Pekat, YBS 

<p>The dollar dropped after the Federal Reserve on Wednesday cut interest rates by half a percentage point, citing greater confidence that inflation will continue to recede to the US central bank's 2% annual target.</p>


Dollar drops as US Fed cuts rates by half a percentage point

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<p class="thumb-cap">E...

EVENING 5: Five things you need to know today

<p>The Federal Reserve cut interest rates by half of a percentage point on Wednesday, kicking off what is expected to be a steady easing of monetary policy with a larger-than-usual reduction in borrowing costs that followed growing unease about the health of the job market.</p>


US Fed cuts rates by half a percentage point, cites 'greater confidence' on inflation

<p>Asian equities were primed for muted moves following declines on Wall Street after the Federal Reserve’s (Fed) half-point interest rate cut on Wednesday.</p>


Asian stocks likely muted as traders digest Fed cut

<p>US equities will climb through the rest of the year with the Federal Reserve’s (Fed) aggressive interest-rate cut bolstering the chances of a soft landing for the economy, according to a survey of <em>Bloomberg Terminal</em> subscribers.</p>


US stocks will continue to rally after sharp Fed rate cut, investors say

<p>Chin Hin Group Bhd (KL:CHINHIN) managing director Chiau Haw Choon is no longer a substantial shareholder in NCT Alliance Bhd (KL:NCT) after disposing of a 0.62% stake for RM5.8 million.</p>


Chin Hin MD ceases to be substantial shareholder in NCT Alliance after selling 0.62% stake for RM5.8m

<p>Precision machining group YBS International Bhd (KL:YBS)&nbsp; is acquiring the entire stake of Allied Technologies Holdings Pte Ltd’s precision manufacturing services units for a total indicative price of US$38 million (RM167.2 million) via cash and share issuance.</p>


YBS inks MOU to acquire stake in precision manufacturing companies for RM167m 

<p>Alphabet Inc's YouTube and e-commerce platform Shopee said on Wednesday they were launching an online shopping service in Indonesia and planned to expand it in Southeast Asia as competition picks up with a rival operator owned by TikTok.</p>


YouTube and Shopee partner in Southeast Asia e-commerce tie-up 

<p>US stocks closed with modest losses on Wednesday, well off their intraday highs, after the Federal Reserve (Fed) cut interest rates by 50 basis points, the high side of estimates for its first cut in more than four years.</p>


US equities close slightly lower, trade choppy after Fed rate cut

<p>The US sued the owner and the operator of a Singapore-flagged ship that rammed into a Baltimore bridge in March, the most aggressive action to date in response to a disaster that killed six workers and threw the region’s transportation network into chaos.</p>


US sues ship owner and operator over Baltimore Bridge collapse

<p>Boeing said on Wednesday it will temporarily furlough tens of thousands of employees after about 30,000 machinists went on strike on Friday, halting production of its 737 MAX and other airplanes.</p>


Boeing furloughs thousands as it hunkers down for extended strike

<p>Federal Reserve governor Michelle Bowman on Wednesday became the first Fed governor to vote against an interest-rate decision by the US central bank since 2005, denying Fed Chair Jerome Powell a clear consensus at a pivotal moment.&nbsp;</p>


Fed Bowman's dissent is first from US Fed governor since 2005

<p>Haily Group Bhd (KL:HAILY) said on Wednesday that it has secured a RM75.9 million contract from Mah Sing Group Bhd’s (KL:MAHSING) subsidiary for construction works on a residential development in Johor Bahru.</p>


Haily Group bags RM76 mil housing construction contract from Mah Sing  

<p>The number of flood victims in temporary evacuation centres (PPS) in Kedah and Penang has slightly dropped on Wednesday afternoon, while Perlis has recorded an increase.</p>


Flood victims in Kedah, Penang drop, while numbers rise in Perlis

<p>Three suspects in a sodomy case arrested during the recent Op Global will be charged at the Seremban Sessions Court on Thursday.</p>

<p>Inspector-General of Police Tan Sri Razarudin Husain said the suspects would be charged under Sections 14(a) and 14(b) of the Sexual Offences Against Children Act 2017 (Act 792).</p>


Op Global: Three supsects in sodomy case to be charged on Thursday — IGP

<p>The second trial of Vietnamese real estate tycoon Truong My Lan on fresh fraud charges is scheduled to begin on Thursday, underscoring the new Communist Party chief’s determination to press ahead with a crackdown on corruption.</p>


Vietnamese tycoon faces second fraud trial after death sentence

<p>Taiwan denounced China on Thursday for suspending tariff exemptions on agricultural imports from the island, saying it was "economic coercion" and not conducive to improving relations.</p>


Taiwan denounces China for ending tariff exemptions on farm goods

<p>The Halal Development Corporation (HDC), in collaboration with the Ministry of Investment, Trade and Industry (Miti) and the Malaysian Investment Development Authority (Mida), is studying and formulating new incentives to boost foreign investment in the halal industry.</p>
