Friday 21 Jun 2024
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KUALA LUMPUR (April 5): MMAG Holdings Bhd has been appointed to provide a regional cargo feeder network using narrowbody freighters for MAB Kargo Sdn Bhd (MASKargo), for a period of six months starting from May 1, 2024.

In a Bursa Malaysia filing on Friday, MMAG said its subsidiary MJets Air Sdn Bhd — previously M Jets International Sdn Bhd — had accepted a letter of award (LOA) from Malaysia Airlines Bhd, a subsidiary of Malaysia Aviation Group Bhd (MAG).

"Further to the appointment, the parties agree to enter into an agreement on the scope of charters and other conditions within 60 days from the date of the LOA, and until such time as the said agreement has been formalised and executed by the parties," MMAG noted.

The contract is anticipated to positively impact the group’s overall earnings and earnings per share for the fiscal year ending March 31, 2025.

Woo Kam Weng, chairman of MMAG Aviation Consortium Sdn Bhd, said the appointment signifies a substantial advancement for the company in enlarging its cargo operations and solidifying its standing in the aviation sector.

“We are dedicated to upholding exceptional service standards and efficiency, in line with MASKargo’s esteemed reputation for excellence in cargo handling and logistics solutions,” he said.

MMAG offers services covering first, mid- and last-mile delivery solutions. Its aviation arm — which operates from Kuala Lumpur International Airport (KLIA) — delivers integrated cargo airline solutions, encompassing commercial cargo operations, ground handling, on-demand cargo depot services as well as being an oceanic transhipment hub.

MMAG’s shares closed at 18.5 sen on Friday, giving the company a market capitalisation of RM313.7 million.

Edited ByLee Weng Khuen
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