KUALA LUMPUR, 30 JUNE 2022 – MJets Limited (“MJets”) signs an agreement with Sersol Berhad (“Sersol”) today, as part of the Company’s latest venture into the private aviation industry, witnessed by Yang di Pertua Negeri of Melaka, Tun Seri Setia Dr. Haji Mohd Ali Bin Mohd Rustam.
MJets Asia’s leading private jet terminal (FBO) and luxurious private jet operator is partnering with Sersol, an ACE listed company on Bursa Malaysia.
Under the agreement, the two companies will set up a Joint Venture Company (“JVC”) that will offer world-class aircraft charter services, ground handling services, aircraft management and even bring in a world-class fleet of private jets into Malaysia and Indonesia.
This will be a synergistic partnership that promises positive revenue streams for both organizations. It is a 50:50 equity split in this new JVC made up of cash and non-cash contributions to the venture.
The local private aviation industry is set to see a brand new range of state-of-the-art private jet services with this JVC , which is expected to improve travel options at competitive prices following its entry into the market.
The Heads of Agreement was signed by MJets Chief Executive Officer, Natthapatr Sibunruang and Sersol Group Managing Director, Datuk Wira Justin Lim, and was witnessed by Yang di Pertua Negeri of Melaka, Tun Seri Setia Dr. Haji Mohd Ali Bin Mohd Rustam.
“With 15 years of experience in private jet services and maintenance experts for the aviation industry, we believed that MJets has the capability and strategic approach to soar towards success with the develop and expansion of private jet services in Southeast Asia. We are thrilled to come into an agreement with Sersol and look forward to the future development and long-term relationship of our partnership and this flagship project in Malaysia and Indonesia” said Natthapatr Sibunruang, Chief Executive Officer of MJets.
“Sersol is taking steps to expand our business into aviation, technology, sustainable energy, property development, telecommunication and healthcare, elevating the company to new heights. We believe the private jet charter aviation sector offers a blue ocean opportunity to enter Malaysia and Indonesia’s aviation sector. There is increasing demand within differentiated market segments desiring safe and reliable travel options easing travel complications,” said Datuk Wira Justin Lim.
Datuk Wira Justin Lim believes that this JV provides a strategic growth opportunity for the Group – as the private jet and related business and possibility of expansion of a world-class FBO is a relatively new industry segment for the Malaysian and Indonesian aviation sectors, as the JV taps into the increasing demand preference for private charters by high-net-worth individuals. Additionally, since the Covid Pandemic hit, many passengers worldwide are seeking safer ways to travel without complications of being exposed to infections.
As reported in Newswires in March this year, the global private jet market growth rate is expected to surged due to the increase of travel demand. Over the forecasted period 2022-2030, with Asia-Pacific remaining one of the world’s largest markets.
The signing ceremony took place at the St Regis Kuala Lumpur.