Magma said this is a carefully planned succession that highlights its commitment to continuity and strong leadership.
According to Ismail, Lee is the right person to guide Magma through future challenges and opportunities, ensuring the company's continued and sustainable growth.
"It has been an honour to lead Magma through an era of transformative growth and to see it emerge stronger and more resilient.
"I am confident that Lee is the right leader for the next chapter of Magma's journey.
"His profound understanding of our operations, market dynamics, and the strategic foresight he brings to the table are invaluable assets that will undoubtedly propel the group forward," he said in a statement.
Lee said he is committed to building on the strong foundation and leading Magma into a future rich with opportunity and growth.
Magma said it remains dedicated in its commitment to uphold strong corporate governance and ethical business practices under the new leadership.
The company believes the new chapter will enable it to further strengthen its market position and enhance its contributions to the economic and social landscapes.