MJets (Thailand) (MIN, Bangkok Don Mueang) has acquired a shareholding in Singapore-based private jet and general aviation company Wings Over Asia (WOA) on the back of strong demand for private jet travel in Southeast Asia. It paid SGD17 million Singaporean dollars (USD12.6 million) for the minority stake.
According to ch-aviation fleets data, MJets operates two Cessna Citation Bravos, one Cessna 750, two G550s, and a GV. In addition, it offers aircraft brokerage, air ambulance, aircraft management, maintenance, ground handling, and private terminal and VIP services. As a fixed-base operator (FBO) at Singapore Seletar, WOA offers ground handling, maintenance, aircraft sales, hospitality, and flight school services from that airport.
MJet's co-founder and director William Ellwood Heinecke told media at a May 21 event to mark the WOA investment that the increasing number of high net worth individuals seeking superior travel experiences, as well as the rise in business activities such as meetings, conventions, and inter-organisational networking events in the region, was driving demand for personal aviation services in the region.
This "represents significant business opportunities," he said. "Consequently, MJets aims to increase investment and expand its aviation network in Asia this year and in the future, reinforcing its leadership in the general aviation industry and striving to become the number-one comprehensive private jet service provider in Asia.”
MJets CEO Natthapatr Sibunruang said that the positive outlook and growth opportunities were the reasons for the investment, which "not only lays a foundation for MJets to expand its business operation in the region but also serves as a long-term investment plan to drive the business further and become a world-class player within the industry. [...] We intend to expand our operations to cover all Southeast Asian countries by 2026.”
He added that MJets would acquire two aircraft this year to replace its existing Cessna Citation Bravos.
Ng Yeow Meng, founder and managing director of Wings Over Asia, said that MJets "is the ideal partner for us to achieve our goals of elevating the premium service experience for aircraft owners and operators in Southeast Asia."
