The Board of Directors of Magma Group Berhad (“MGB” or the “Company”) wishes to announce that its wholly-owned subsidiary, Magma Chain Management Sdn Bhd (Company registration number 202401009877 (1555727-U)) (“MCM”), has on 16 May 2025 entered into the following agreements:

1. A Joint Venture Agreement (“JVA”) with Chagee (M) Sdn Bhd (Company registration number 202001014898 (1371218-H)), (“Chagee”); and
2. A Subscription Agreement (“SA”) with Chagee and a joint venture company incorporated in Malaysia, namely Chagee Magma Sdn Bhd (Company registration number 202501019102 (1620515-D)) (“JVC”).

(“collectively. the Proposed Joint Venture”)

The Proposed Joint Venture is to formalise the strategic partnership between Chagee and MCM and set out the terms and conditions governing their equity participation in, and operational framework for, the JVC.

Further details of the JVA and SA are set out in the attachment below.

This announcement is dated 21 May 2025.