Magma buys RM80mil Dutamas land from Lee Chong Wei's Skyload

PETALING JAYA: Datuk Lee Chong Wei’s 45%-owned Skyload Express Sdn Bhd will dispose of a 2.26-acre leasehold land in Persiaran Dutamas, Kuala Lumpur to Main Market-listed Magma Group Bhd for RM80mil.

The land, located about 8km from the Kuala Lumpur city centre, has received approval for two 34-storey towers consisting of service apartments and commercial spaces.

The remaining 55% of Skyload is owned by Empire Solaris Sdn Bhd, which in turn is 80% controlled by Magma’s major shareholder and deputy executive chairman, Datuk Seri Lee Hock Seng.

Magma will pay for the land via RM8mil in cash and the issuance of 120 million new ordinary shares to Skyload, along with 47.71 million redeemable non-convertible preference shares (RPS).

The 120 million shares will be issued at 20.24 sen apiece, while the RPS will be issued at RM1 per share.

Upon completion of the land sale, Chong Wei will have a direct stake of 2.48% in Magma and an indirect stake of 11.89%.

Hock Seng, on the other hand, will see an increase in his equity control with direct and indirect stakes at 11.31% and 17.04%, respectively.

Magma also announced yesterday its plan to reduce its issued share capital by up to RM380mil.

“This action is intended to eliminate accumulated losses and improve the company’s balance sheet, which in turn will provide the financial flexibility to support future growth initiatives,” it said in a bourse filing.

Magma expects both corporate exercises to be completed by the first quarter of 2025.

https://www.thestar.com.my/business/busines...wei039s-skyload

Lee hock seng? owner of hock seng lee berhad?

How u play badminton until that level can own companies. Wow

compound interest is the 8th wonder of the world la. he invest some of his prize money. i wont be surprised if his net worth is more than 100m.

I dont think wakil negara with winning monies can be so sibeh rich.
I believe is from his networking, playing badminton with T10 which involve jeng jeng jeng.

his name oredi carry some weight la. he is a land developer. of coz his company can sell concept like sport city, kampung sukan or whatnot.

bruh, his sponsorship and advertisement with say yonex, 100plus alonr is how much?
somemore it lasted for a many years

Fooo Lato manyak kaya

200m

ok ok. make sense. But still i still believe jeng jeng jeng

meanwhile some finding due to curiousity

berita 2023
Lin Dan: Net worth in 2023: USD 26 million
DLCW: Net worth in 2023: USD 16 million
https://www.augustman.com/my/sports/richest...viktor-axelsen/

In boxing game , if bookies pays you throw a game for 9-10M .... Kutip abit for for dimsum lah

those sources maybe agak2 only based on money prize and a few assets they can find info publicly like maybe shareholding owat. but i doubt lin dan is richer than lee chong wei. it should be the other way round.

He won so many competitions. You know the players get the prize money wan right?

46 Open series winner and 26 runner ups. Let's say around 80,000 USD for each winner and 40,000 for each runner up already 4million USD.

You add in sponsorship, Olympics habuan, other Games prize money, other Grand Prix series.

Then his investment in property using his name. Still remember Cheras there got one property use his name to sell lol.

Yeah remember during his time, his face is one of the only face of sports for Malaysia. Anything to do with sports, his muka liao.

He's got IT company, real estate biz, when he's still playing d.

He also goreng saham with his elder brother as proxy.

One time when he's performing badly over a stretch of several months, that period coincided with stock market crash.

LZJ shud learn from him. But first you gotta win tournaments.

He is no.1 in Malaysia

Ktards

Top 1 ok

Guess no.1 surgeon in Malaysia net worth how much
no.1 businessman
no.1 artist
no.1 lawyer untung how much

But in his time, 50% or more of his prize money go to bam. Iinm
I believe most of his wealth build from his endorsements. See his face all over billboards everywhere

This post has been edited by diffyhelman2: Sep 24 2024, 10:09 PM

Meanwhile LZJ krik krik

Actually a lot badminton players involved in bursa mafia syndicate