KUALA LUMPUR: MMAG Holdings Bhd
's aviation arm, MMAG Aviation Consortium Sdn Bhd, has received approval from the Labuan Financial Services Authority to establish a wholly-owned subsidiary in Labuan, namely MMAG Skyfleet Limited.
The group said in a filing with Bursa Malaysia, the approval will enable MMAG Skyfleet to engage in the leasing of aircraft from the lessors and to manage the leasing of these assets within the aviation arm of the group.
It said the strategic move is expected to enhance operational efficiency and optimise asset management across the Group’s aviation portfolio.
Following to the approval, the group will submit the necessary documents for the incorporation of MMAG Skyfleet and to comply with the relevant conditions, prior to the commencement of its business in Labuan.
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.
