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