In a statement, Magma said its wholly owned unit, Astaka Mekar Sdn Bhd, together with KLCC Holdings, had signed a share sale agreement with Harum Aspirasi Sdn Bhd.

KLCC Holdings will sell its 80% stake, while Astaka Mekar will sell its 20% stake in Heritage Lane.

Magma said the sale price is higher than the hotel’s market value of RM300 million, showing strong investor confidence in the property.

Magma managing director and group CEO Thomas Liang said the joint divestment represented a strategic step to unlock value and enable the asset’s next phase of growth with a strong new partner.

“The proceeds will strengthen our balance sheet and support Magma’s expansion into lifestyle and property ventures,” he said.

Magma said its portion of RM63 million will be paid fully in cash when the deal is completed, while the funds will be used for loan repayments, investments, working capital and related expenses.

“Once the sale is completed, Heritage Lane will no longer be an associate company of Magma. The deal is expected to be completed by the first quarter of 2026, subject to shareholders’ approval,” it added.