KUALA LUMPUR: MMAG Holdings Bhd
has purchased a second Boeing B737-400SF aircraft for US$6.55mil (RM29mil) for its air freight business.
In a filing with Bursa Malaysia yesterday, MMAG said its subsidiary MJets Air Sdn Bhd signed the instalment sale agreement with Japan-based seller JPA No 161 Co Ltd (JPA).
The agreement for the converted freighter, currently leased and operated by MJets Air, was finalised on Jan 24, 2025.
JPA is a wholly owned subsidiary of JP Lease Products & Services Co Ltd, one of the Japanese market’s largest independent arrangers of tax leases.
On Dec 24, 2024, MJets Air purchased and took delivery of its first purchase, also a Boeing B737-400SF, from JPA.
MMAG said this second purchase, instead of carrying on with the lease, aligns with its strategy to optimise air freight capabilities, streamline operations across its supply chain and reduce reliance on third-party lessors.
“The purchase will be funded through a combination of internally generated funds and proceeds from convertible securities.
“The agreement is expected to be completed in the first quarter of 2027, and MMAG is optimistic that the ownership of the aircraft will strengthen its market competitiveness and contribute positively to the group’s operational efficiency and long-term value,” it added. — Bernama
