MMAG subsidiary set to acquire Boeing 737-800BCF freighter for US$25.9mil
MMAG said the agreement was signed on July 23 with GASL Ireland Leasing A-1 Ltd (GASL) for the purchase of the aircraft bearing manufacturer serial number 29670.
It said the aircraft, manufactured in 2005, is currently operated by MJets and used for freight under a lease agreement with GASL. "The purchase consideration was arrived at on a willing-buyer willing seller basis,' the company told the stock exchange in a filing.
According to MMAG, the payment will be made in stages, including an upfront deposit of US$12.5 million, followed by monthly instalments and a final payment on the delivery date, scheduled for the fourth quarter of 2026. "The purchase consideration is expected to be funded via a combination of internally generated funds, bank borrowings and/or other funding alternatives,' it said.
MMAG said the deal remains subject to shareholders' approval at an upcoming extraordinary general meeting and approvals from the Labuan Financial Services Authority and other relevant regulators.
"The board, after considering all aspects of the proposed acquisition, including the key terms of the sale agreement, its rationale, potential effects, the group's current and future financial position, and the outlook for the aviation industry, is of the view that the acquisition is in the best interest of the company,' it said. - Bernama
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Free Malaysia Today
8 hours ago
- Free Malaysia Today
Stocks cheer Trump's trade deals after EU agreement
Europe accepted the 15% US tariff as better than the threatened 30%, though it fell short of hopes for zero tariffs. (EPA Images pic) SINGAPORE : Global stocks rose and the euro firmed on Monday after a trade agreement between the US and the EU lifted sentiment and provided clarity in a pivotal week headlined by the Federal Reserve and the Bank of Japan policy meetings. The US struck a framework trade agreement with the European Union, imposing a 15% import tariff on most EU goods – half the threatened rate, a week after agreeing to a trade deal with Japan that lowered tariffs on auto imports. Countries are scrambling to finalise trade deals ahead of the Aug 1 deadline, with talks between the US and China set for Monday in Stockholm amid expectation of another 90-day extension to the truce between the top two economies. 'A 15% tariff on European goods, forced purchases of US energy and military equipment and zero tariff retaliation by Europe, that's not negotiation, that's the art of the deal,' said Prashant Newnaha, senior Asia-Pacific rates strategist at TD Securities. 'A big win for the US.' S&P 500 futures rose 0.4% and the Nasdaq futures gained 0.5% while the euro firmed across the board, rising against the dollar, sterling and yen. European futures surged nearly 1%. In Asia, Japan's Nikkei slipped after touching a one-year high last week while MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.27%, just shy of the almost four-year high it touched last week. While the baseline 15% tariff will still be seen by many in Europe as too high, compared with Europe's initial hopes to secure a zero-for-zero tariff deal, it is better than the threatened 30% rate. The deal with the EU provides clarity to companies and averts a bigger trade war between the two allies that account for almost a third of global trade. 'Putting it all together, what we've seen with Japan, with the EU, with the talks which are due to be held in Stockholm between the US and China, it really does negate the risk of a prolonged trade war,' said Tony Sycamore, market analyst at IG. 'The importance of the August tariff deadline has significantly been diffused.' The Australian dollar, often seen as a proxy for risk sentiment, was 0.12% higher at US$0.65725 in early trading, hovering around the near eight-month peak scaled last week. Fed, BOJ await In an action-packed week, investors will watch out for the monetary policy meetings from the Fed and the BOJ as well as the monthly US employment report and earnings reports from megacap companies Apple, Microsoft and Amazon. While the Fed and the BOJ are expected to stand pat on rates, comments from the officials will be crucial for investors to gauge the interest rate path. The trade deal with Japan has opened the door for the BOJ to raise rates again this year. Meanwhile, the Fed is likely to be cautious on any rate cuts as officials seek more data to determine if tariffs are worsening inflation before they ease rates further. But tensions between the White House and the central bank over monetary policy have heightened, with Trump repeatedly denouncing Fed chair Jerome Powell for not cutting rates. Two of the Fed Board's Trump appointees have articulated reasons for supporting a rate cut this month. ING economists expect December to be the likely starting point for rate cuts, but it 'may be a 50 basis point cut, if the evidence on weaker jobs and GDP growth becomes more apparent as we anticipate.' 'This would be a similar playbook to the Federal Reserve's actions in 2024, where it waited until it was completely comfortable to commit to a lower interest rate environment,' they said in a note.
Free Malaysia Today
8 hours ago
- Free Malaysia Today
US says differences with India cannot be resolved overnight for deal
India faced Western pressure to distance itself from longstanding ties with Russia and the BRICS group of developing nations. (Reuters pic) WASHINGTON : Differences between the US and India cannot be resolved overnight to arrive at a trade deal, a senior US official told reporters late on Thursday, citing geopolitical disagreements. President Donald Trump said on Wednesday Washington was still negotiating with India on trade after announcing earlier that day the US would impose a 25% tariff on goods imported from the country starting on Friday. The 25% figure would single out India more severely than other major trading partners, and threaten to unravel months of talks between the two countries, undermining a strategic partner of Washington's and a counterbalance to China. 'Our challenges with India, they've always been a pretty closed market… there are a host of other kind of geopolitical issues,' the US official said. 'You've seen the president express concern about, you know, membership in BRICS, purchases of Russian oil and that kind of thing.' While saying there were constructive discussions with India, the official added: 'These are complex relationships and complex issues, and so I don't think things can be resolved overnight with India.' India has faced pressure from the West, including the US, to distance itself from Moscow after Russia invaded Ukraine in early 2022. New Delhi resisted that pressure, citing its longstanding ties with Russia and its economic needs. Trump has cast the BRICS group of developing nations – of which India is a key part – as hostile to the US. Those nations have dismissed that accusation and the group says it promotes the interests of its members and of developing countries at large. Trump has also drawn India's frustration by repeatedly taking credit for an India-Pakistan ceasefire that he announced on social media on May 10. The ceasefire halted days of hostilities between the nuclear armed Asian neighbours. India's position has been that New Delhi and Islamabad must resolve their issues directly without outside involvement. Trump has reached a trade deal with India's rival Pakistan.
The Star
9 hours ago
- The Star
Laos works to boost tourism and elevate service quality as fuel for economic growth
VIENTIANE (Xinhua): Laos is enhancing its tourism sector by improving standards, upgrading infrastructure, and elevating service quality and visitor experiences, recognizing tourism as a vital driver of economic growth. Initiatives include expanding media promotion, promoting digital payments, and modernizing border checkpoints to attract more visitors and boost economic growth. The Lao government also plans to review visa policies and strengthen regional cooperation. These measures aim to position the Southeast Asian country as a more accessible, competitive, and sustainable tourism destination. Maikham, a hotel staff member in northern Laos' Luang Prabang province, emphasized the importance of continuously improving service standards to meet visitor satisfaction and attract tourists for repeat visits. Maikham said that the growing number of visitors not only boosts economic growth but also inspires local communities to enhance their services, maintain cleaner environments, and create more cultural experiences for tourists. She also expressed strong support for national efforts to attract more tourists and stressed the importance of community involvement in shaping a brighter future for the country's tourism sector. Laos is continuing its national tour guide training program to build a skilled and sufficient workforce that meets the growing demands of the tourism sector. Kanchana, a resident of Vientiane province, stressed enhancing the service mindset of the Lao people to welcome diverse tourists. She noted that local residents should be equipped with basic tourism knowledge to better assist visitors. Chanhphieng, a vendor in Luang Prabang, highlighted the need to offer more creative and diverse food, drinks, services, and activities to keep tourists engaged and encourage them to return. To attract more visitors, the Lao Ministry of Culture and Tourism is preparing for the second Visit Laos-China Year, with a focus on strengthening tourism promotion and attracting more Chinese tourists. In 2024, Laos welcomed 1,048,035 Chinese visitors, and in the first half of 2025, 602,103 Chinese tourists were recorded, indicating continued growth. Laos aims to attract 4.3 million international tourists in 2025, with expectations to generate over US$1 billion in revenue. - Xinhua
