24-07-2025
- Business
- New Straits Times
MMAG's unit buys Boeing freighter for RM109.18mil from GASL Ireland
KUALA LUMPUR: MMAG Holdings Bhd's Labuan-based indirect unit MMAG SkyAssets has signed an agreement to buy a Boeing 737-800 converted freighter for US$25.9 million (about RM109.18 million).
The seller is GASL Ireland Leasing A-1, a special purpose vehicle managed by Ireland-based Genesis Aircraft Services Ltd.
The aircraft, currently leased for its aviation arm MMAG Aviation Consortium Sdn Bhd's airfreight operations under MJets Air, will become the third-owned freighter.
Combined with four leased aircraft, this brings MMAG's total fleet to seven.
Two earlier aircraft acquisitions from JPA No.161 Co Ltd were signed in December 2024 and January 2025, signalling MMAG's deliberate and phased transition toward greater asset control and internalisation of key fleet infrastructure.
In a statement, MMAG Aviation chairman Woo Kam Weng said the acquisition represents the intent to evolve into a fully empowered aviation operator.
"With greater control over our assets, we're strengthening our ability to respond swiftly to market needs, optimise internal fleet utilisation, and explore new revenue channels.
"It's a deliberate step toward long-term resilience and sustainable growth in a competitive logistics landscape," he added.
Subject to shareholders' approval, the acquisition will be completed via a structured cash payment arrangement, allowing for phased instalments over a 14-month period, followed by a final settlement upon transfer of ownership.
MMAG said this staged approach ensures optimal cash flow management while securing long-term access to a valuable aviation asset.
The company said the freighter, manufactured in 2005, is significantly younger compared to MMAG's two previously acquired freighters, which were over 30 years old at the time of purchase.
It said the newer asset strengthens overall fleet profile, offering improved reliability, residual value and operational efficiency over the long term.
It added that the growing fleet under ownership reflects a broader strategy to reduce dependency on third-party lessors, gain fleet deployment agility, and strengthen financial resilience through asset ownership.
