MMAG Aviation Consortium Sdn Bhd, the aviation arm of publicly-listed MMAG Holdings Bhd, will establish a wholly-owned aircraft leasing subsidiary in Labuan, an island just off Brunei. In a November 1, 2024, Bursa Malaysia filing, MMAG Holdings said the Labuan Financial Services Authority approved an application to carry out business on the island which will be known as MMAG Skyfleet Limited.
"The approval will enable MMAG Skyfleet to engage in the leasing of aircraft from the lessors and to manage the leasing of these assets within the aviation arm of the group," the filing reads. "This strategic move is expected to enhance operational efficiency and optimise asset management across the group’s aviation portfolio."
MMAG entities provide a full range of supply chain management services. Subsidiary, M Jets International Sdn Bhd has a Malaysian air operator certificate and operates under the MJets Air (WW, Kuala Lumpur International) brand (formerly known as Kargo Xpress). Its fleet includes one B737-400(F) and five B737-800(BCF)s.
"By streamlining leasing processes and improving fleet management, the board anticipates that the business of MMAG Skyfleet, will in turn contribute positively to the group’s overall future earnings and improve the group’s financial position," the filling adds.
Meanwhile, another MMAG Bursa Malaysia filing reveals that its 49%-owned joint venture company, Menzies Aviation (Malaysia) Sdn Bhd, has secured a 12-month ground-handling licence from the Malaysian Aviation Commission (MAVCOM). The licence allows Menzies Aviation to start providing ground handling services in Malaysia.
MMAG Holdings did not respond to a request for comment.
