MMAG Aviation Consortium Gets Nod To Establish Leasing Business In Labuan

KUALA LUMPUR, Nov 1 (Bernama) -- MMAG Holdings Bhd's subsidiary MMAG Aviation Consortium Sdn Bhd (MAC) has received the Labuan Financial Services Authority’s (Labuan FSA) approval to establish a wholly-owned subsidiary in Labuan to carry on a leasing business.

In a filing with Bursa Malaysia today, MMAG stated that the approval will enable the new unit, MMAG Skyfleet Ltd, to engage in the leasing of aircraft from lessors and to manage the leasing of these assets within the aviation arm of the group.

“This strategic move is expected to enhance operational efficiency and optimise asset management across the group’s aviation portfolio,” the information technology and air freight service group said.

Following the approval, the group will proceed to submit necessary documents for the incorporation of MMAG Skyfleet and to comply with the relevant conditions, prior to the start of its business in Labuan, it said.

“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,” it added.

-- BERNAMA