MJets Air Buys A Freighter For US$4.6 Mln As Part Of Fleet Expansion Plan
KUALA LUMPUR, Dec 24 (Bernama) -- MJets Air Sdn Bhd, a subsidiary of MMAG Holdings Bhd (MMAG), has acquired a Boeing B737-400SF converted freighter for US$4.6 million (US$1=RM4.49) as part of its plan to expand its fleet to 13 aircraft by the end of 2025.
MMAG said this marks the air freight service provider’s first owned freighter, signifying a strategic shift toward ownership to enhance cost control, operational flexibility, and long-term growth.
Currently, MJets Air (formerly M Jets International Sdn Bhd) operates a fleet of six leased aircraft.
“This strategic move is driven by the overwhelming demand for air cargo services, which has outpaced expectations and far exceeded MJets Air’s current capacity.
“The addition of this new freighter is a critical step toward addressing this capacity gap, enabling MJets Air to better meet market demand and seize untapped opportunities in the growing air cargo industry,” it said in a statement today.
In a filing with Bursa Malaysia, MMAG said MJets Air signed an agreement yesterday to buy the aircraft from JPA No 161 Co Ltd, a wholly owned subsidiary of Tokyo-based JP Lease Products & Services Co Ltd.
The aircraft is scheduled to be delivered by Jan 24, 2025, it said.
Meanwhile, MJets Air chairman Woo Kam Weng said the acquisition marks a significant step forward in the company’s mission to lead the regional air cargo market and strengthen its role as a key feeder operator.
“Due to limited aircraft availability, we have been unable to accept new bookings or charters, making this acquisition critical for meeting growing customer demands, enhancing service reliability, and delivering greater value to our stakeholders,” he said.
MJets Air’s commitment to transitioning from leased to owned aircraft underscores its long-term vision for sustainability and profitability.
By integrating additional freighters into its fleet and leveraging strategic partnerships, the company is enhancing its ability to adapt to market changes and deliver exceptional service to its customers.
-- BERNAMA