KUALA LUMPUR: MMAG Holdings Bhd's unit MJets Air Sdn Bhd has bought its seventh aircraft, a Boeing B737-400SF converted freighter from Japanese firm JPA No.161 Co Ltd for RM20.76 million.
MMAG, in a statement today, said the acquisition signifies a major milestone in MJets Air's ambitious plan to expand its fleet to 13 aircraft by the end of 2025, reinforcing its position as a key player in the regional air cargo market.
The seventh aircraft marks the company's first owned freighter, signifying a strategic shift toward ownership to enhance cost control, operational flexibility, and long-term growth.
MMAG said the Boeing B737-400F, with a payload capacity of up to 18 tonnes, is celebrated for its cost-efficiency and versatility in regional operations.
Its large cargo door and flexible configuration make it ideal for a diverse range of cargo, including e-commerce shipments, perishables, and industrial goods, the company added.
"These features perfectly align with MJets Air's strategic focus on short- to medium-haul routes, enabling it to effectively serve the region's evolving logistics needs."
According to the International Air Transport Association (IATA), global air cargo demand is forecast to grow by 4.1 per cent annually through 2025, fuelled by the rapid expansion of e-commerce and the recovery of global trade.
The Asia Pacific region, contributing nearly 40 per cent of global air cargo traffic in 2023, remains a vital growth hub.
MMAG said its unit is strategically aligning itself to leverage this market potential, particularly in high-growth areas such as Southeast Asia and China.
MMAG chairman Woo Kam Weng said the acquisition marks a significant step forward in MJets Air's mission to lead the regional air cargo market and strengthen its role as a key feeder operator.
"With a target fleet of 13 aircraft by the end of 2025, this expansion addresses the overwhelming demand for air cargo services, which has outpaced our current capacity.
"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 in the statement.
At midday, MMAG's share price was traded unchanged at 41.5 sen with a RM958.5 million market capitalisation.