KUALA LUMPUR (Oct 20): Property developer Magna Prima Bhd (KL:MAGNA) proposes to change its name to Hallson Group Bhd, subject to shareholders’ approval.
In a bourse filing on Tuesday, the company said the proposal for the name change will be tabled at an extraordinary general meeting to be scheduled later.
Magna Prima said the Companies Commission of Malaysia had approved and reserved the proposed name on Monday.
The proposed name bears a similarity to investment vehicle Hallson Holdings Sdn Bhd, which is controlled by Magna Prima's largest shareholders Datuk Seri Bryan Wong Sze Chien and managing director Eddy Seah Ley Hong.
Wong and Seah have an indirect stake of 54.91% in Magna Prima.
For the second quarter ended June 30, 2026 (2QFY2026), Magna Prima posted a net loss of RM1.82 million compared to a net profit of RM1.3 million a year earlier. The group attributed the loss to a RM3.3 million tax expense.
Quarterly revenue rose 68% to RM18.65 million from RM11.1 million.
Magna Prima is also in the midst of a rehabilitation agreement to take over and complete the stalled 8 Conlay mixed-use development in Kuala Lumpur, in a restructuring exercise capped at RM700 million. This is expected to be completed by the first half of 2027.
At market close on Tuesday, Magna Prima's shares were down by two sen or 3.23% to 60 sen, valuing the group at RM240.9 million.