Malaysian cargo carrier My Jet Xpress Airlines (NEP, Kuala Lumpur International) will merge with Transonic Jet Sdn Bhd in a MYR50 million ringgit (USD10.6 million) transaction that will see Transonic take a 90% stake in the cargo specialist along with securing possession of its operating licences.

Transonic Executive Chairman and Managing Director Ahmad Sufiani Johari said via a statement that the deal would allow his company to expand into the air transportation sector and position the company for growth.

Formerly known as Neptune Air, Malaysian company records show My Jet Xpress is controlled by Nurul A'In Binti Abu Bakar, who holds 10,900,028 of the 18,166,714 shares on issue, with Neptune Capital Inc. holding the remaining stake. The company's three directors are Mohamed Yunos Bin Mohamed Ishak, a Singaporean, and two Malaysian nationals, Laila Binti Ja'Afar and Mohd Yusuff Bin Mohd Sa'at (who serves as company secretary).

The ch-aviation fleets module shows My Jet Express has two aircraft, a B737-300(F) registered as 9M-NEF (msn 23811) and a B737-300(QC) registered as 9M-NEY (msn 23837). However, FlightRadar24 ADS-B data reveals both as inactive and in storage at Johor Bahru. The 50-year-old business, whose website remains under development, says it offers door-to-door freight service on the Malay Peninsula.

Transonic Jet is a Kota Kinabalu-based private company involved the transportation support, travel agency, and management consultancy sectors. Company records show it has 1,000 shares on issue, 800 of which are held by Ahmad Sufiani Bin Johari and the remaining 200 by Mohd Rossahizam Bin Mat Sakin. Both men are also directors, as is Law Hong Gaik, who serves as company director. Transonic has not submitted any financial information to the country's companies commission (Suruhanjaya Syarikat Malaysia - SSM).

However, when announcing the merger with My Jet Xpress, Bin Johari said the acquisition was part of a broader strategy to become a bigger player in Malaysian aviation circles. With the backing of Massachusetts-based Banco LQID and Wisconsin-based Associated Bank, the company plans to invest MYR2 billion (USD423 million) in what it calls a four-phase plan that includes the acquisition of My Jet Xpress and also playing a role in the redevelopment of Malacca International Airport (Batu Berendam), he said.

“The phased approach is designed to meet the evolving needs of passengers, airlines, and cargo operators, while contributing to the economic development of the region," he added.

In the same statement, My Jet Xpress said the merger would allow it to expand its air freight business as well as move into private charters and Umrah and Hajj flying.