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Magma Group Bhd (KL:MAGMA) has signed a partnership with Nasdaq-listed Chagee to tap the Chinese premium tea chain business in Malaysia. A joint venture (JV) company, Chagee Magma Sdn Bhd, in which Chagee owns 60% and Magma 40%, has been formed to operate the chain’s business in the country and undertake the expansion. The target over the next three years is to open 300 directly managed outlets across Malaysia, Chagee’s largest market outside of China. Magma, which oversees three Impiana hotels
Magma, which oversees three Impiana hotels domestically and some partially-owned hotels abroad, has been in the red for 12 consecutive quarters. — Magma to tap Chagee's premium tea chain in Malaysia
CHAGEE Malaysia is primarily owned by its Chinese parent company, Sichuan Chagee Enterprise Management Co., Ltd., which holds a majority stake in the local operations. The Malaysian entity, Chagee (M) Sdn Bhd, is 51% owned by Chagee Group (Sea) Pte Ltd and 49% by Brew Wealth Venture Sdn Bhd. In May 2025, Chagee Malaysia entered into a joint venture with Magma Group Bhd, forming Chagee Magma Sdn Bhd, where Chagee holds a 60% stake and Magma 40%
