Magna Prima proposes changing its name to Hallson Group, subject to shareholder approval
Property developer Magna Prima Bhd has proposed changing its corporate name to Hallson Group Bhd as the group continues its restructuring efforts and operational expansion. The proposal still requires shareholder approval, while the new name has been approved and reserved by the Companies Commission of Malaysia.
Highlights
- Magna Prima has proposed changing its name to Hallson Group, subject to shareholder approval at an upcoming extraordinary general meeting.
- For the second quarter ended 30 June 2026, Magna Prima recorded a net loss of RM1.82 million due to tax expenses of RM3.3 million, despite revenue rising 68% to RM18.65 million.
- Magna Prima is working on the takeover and completion of 8 Conlay under a RM700 million capped restructuring exercise, expected to be completed in the first half of 2027.
This article was translated from the original. Read the original version by our correspondent here.
Proposed rebranding and approval process
The Edge Malaysia reported that Magna Prima said in a filing with Bursa Malaysia on Tuesday that the proposed name change will be presented at an extraordinary general meeting to be scheduled later.The company said the Companies Commission of Malaysia approved and reserved the proposed name on Monday. The Hallson Group name is similar to Hallson Holdings Sdn Bhd, an investment company controlled by Magna Prima's largest shareholder, Datuk Seri Bryan Wong Sze Chien, and managing director Eddy Seah Ley Hong.
Wong and Seah hold an indirect 54.91% stake in Magna Prima, making the proposal closely linked to the group's controlling shareholders.
Financial performance and corporate implications
For the second quarter ended 30 June 2026, Magna Prima recorded a net loss of RM1.82 million, compared with a net profit of RM1.3 million a year earlier. The group attributed the loss to tax expenses of RM3.3 million, despite quarterly revenue rising 68% to RM18.65 million from RM11.1 million.Magna Prima is also in the process of entering into a rehabilitation agreement to take over and complete the stalled 8 Conlay mixed-use development in Kuala Lumpur, under a restructuring exercise capped at RM700 million. The move is expected to be completed by the first half of 2027.
At Tuesday's market close, Magna Prima shares fell two sen, or 3.23%, to 60 sen, giving the group a market capitalisation of RM240.9 million.
In our previous report on Propel Global Bhd's diversification into property development, we outlined the company's plans to obtain shareholder approval and launch a RM64 million commercial project in Kuantan through its subsidiary. We also highlighted that the move comes as the company's financial performance remains under pressure, with net losses widening and revenue declining for the financial year ended 30 June 2026.
Latest Company News News
-
Afghanistan
-
Albania
-
Algeria
-
Angola
-
Argentina
-
Armenia
-
Australia
-
Austria
-
Azerbaijan
-
Bahamas
-
Bahrain
-
Bangladesh
-
Belarus
-
Belgium
-
Bolivia
-
Botswana
-
Brazil
-
Brunei
-
Bulgaria
-
Cambodia
-
Cameroon
-
Canada
-
Chile
-
China
-
Colombia
-
Congo
-
Costa Rica
-
Cote d'Ivoire
-
Croatia
-
Cuba
-
Cyprus
-
Czechia
-
DR Congo
-
Denmark
-
Dominican Republic
-
Ecuador
-
Egypt
-
El Salvador
-
Estonia
-
Eswatini
-
Ethiopia
-
Finland
-
France
-
Georgia
-
Germany
-
Ghana
-
Greece
-
Haiti
-
Hong Kong
-
Hungary
-
India
-
Indonesia
-
Iran, Islamic republic
-
Iraq
-
Ireland
-
Israel
-
Italy
-
Jamaica
-
Japan
-
Jordan
-
Kazakhstan
-
Kenya
-
Korea
-
Kuwait
-
Kyrgyzstan
-
Laos
-
Latvia
-
Lebanon
-
Lesotho
-
Libya
-
Lithuania
-
Luxembourg
-
Madagascar
-
Malaysia
-
Malta
-
Mauritius
-
Mexico
-
Moldova
-
Mongolia
-
Montenegro
-
Morocco
-
Mozambique
-
Myanmar
-
Namibia
-
Nepal
-
Netherlands
-
New Zealand
-
Nigeria
-
North Macedonia
-
Norway
-
Oman
-
Pakistan
-
Palestine
-
Panama
-
Papua New Guinea
-
Paraguay
-
Peru
-
Philippines
-
Poland
-
Portugal
-
Puerto Rico
-
Qatar
-
Reunion
-
Romania
-
Rwanda
-
Saudi Arabia
-
Serbia
-
Singapore
-
Slovakia
-
Slovenia
-
Somalia
-
South Africa
-
Spain
-
Sri Lanka
-
Sweden
-
Switzerland
-
Syria
-
Taiwan
-
Tajikistan
-
Tanzania
-
Thailand
-
Trinidad and Tobago
-
Tunisia
-
Turkey
-
UAE
-
Uganda
-
Ukraine
-
United Kingdom
-
United States
-
Uruguay
-
Uzbekistan
-
Venezuela
-
Vietnam
-
Yemen
-
Zambia
-
Zimbabwe
- Forex
- Crypto
