Asset-rich Magma Group Berhad (KLSE: 7243) had just made an announcement on getting green light on their fund raising exercise, amounting to a total of RM100.0 million to enhance their balance sheet.
As of now, Magma Group manages a few well established hotels, including Impiana KLCC, Impiana Ipoh, Impiana Senai and WOLO Kuala Lumpur.
So, why the need to raise funds?
Well, the fund raising exercise done (or soon to be done) by Magma Group...

As 2023 unfolded, the global hospitality industry showcased commendable resilience, achieving full recovery in key performance metrics like Revenue per Available Room (RevPAR). By November, regions such as the Middle East, Europe, and the Americas had RevPAR soaring between 94% and 121% of the levels seen in 2019, signalling a robust resurgence across the sector. The Asia Pacific region, although trailing slightly...

Leasing WOLO, a high-occupancy lifestyle boutique hotel, and changing its company name might indicate a strategic shift towards modernization. It might boost the company's turnaround strategy and long-term financial results.