MMAG Subsidiary Acquires Boeing Freighter For RM109.18 Million From GASL Ireland

KUALA LUMPUR, MMAG Holdings Bhd’s Labuan-based indirect subsidiary, MMAG SkyAssets, has entered into an agreement to purchase a Boeing 737-800 converted freighter for US$25.9 million (approximately RM109.18 million) from GASL Ireland Leasing A-1, a special-purpose vehicle managed by Genesis Aircraft Services Ltd.

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 aircraft is currently leased and operating under MMAG Aviation Consortium Sdn Bhd’s MJets Air. Upon completion of the deal, it will become MMAG’s third owned freighter, bringing the group’s total fleet to seven, including four leased aircraft.

This marks the group’s third aircraft acquisition, following two previous purchases from JPA No.161 Co Ltd in December 2024 and January 2025. The move aligns with MMAG’s long-term strategy to increase asset ownership and reduce reliance on leased equipment.

MMAG Aviation chairman Woo Kam Weng said the acquisition reflects the company’s goal of becoming a fully empowered aviation operator.

“With stronger asset control, we can better adapt to market demands, optimise fleet usage, and unlock new revenue opportunities. It’s a strategic step towards long-term sustainability in a competitive logistics environment,” he said.

The acquisition, subject to shareholder approval, will be financed through a structured payment plan over 14 months, ending with a final settlement upon transfer of ownership. MMAG said this phased approach ensures sound cash flow management while securing long-term operational value.

Built in 2005, the newly acquired freighter is significantly newer than the group’s previous aircraft purchases, which were over 30 years old. The younger aircraft is expected to enhance fleet reliability, improve efficiency, and offer greater residual value.

The growing number of owned freighters underlines MMAG’s broader plan to internalise its fleet infrastructure, reduce dependence on third-party lessors, and reinforce financial resilience through asset ownership.

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