Malaysia's private aviation soars high in January.

Sersol And MJETS Sign JV Deal

Business

Malaysia will be transforming its private jet industry beginning 2023, as Sersol Bhd (Sersol) and MJets Limited (MJETS) signed a joint venture (JV) agreement to establish MJETS (M) Sdn Bhd, a Joint Venture Company registered in Malaysia to engage and operate a Fixed Based Operator(FBO) terminal for aviation-related business.

The announcement follows their Heads of Agreement (HOA) signing earlier this June, in a ceremony witnessed by the Yang Di Pertua of Melaka, Tun Seri Setia Dr Haji Mohd Ali Bin Mohd Rustam. The HOA highlighted a commitment to set up and become shareholders in private limited companies to be registered in Malaysia and Indonesia which will be in the business of private aviation, business aviation, aircraft handling, aircraft management, aircraft charter sales, private jet terminal and other aviation related activities.


“We are proud to have MJETS as our reliable partner for this initiative, as they have over 15 years of experience in private jet services. They are the maintenance experts in the aviation industry, and have the capability and strategic approach to expand private jet services in Malaysia and South East Asia,” said Datuk Wira Justin Lim, Managing Director, Sersol Berhad.

Under the business scope of the JV agreement, Sersol will acquire the required land, business licences, government approvals and other clearances to operate a private jet facility in Malaysia. Sersol and MJETS will also set up a JV company for private aviation, business aviation, aircraft handling, aircraft management, aircraft charter sales, private jet terminal and other aviation-related operations within six months.

”As the Malaysian Air Charter industry is still in its infancy, MJets multiple award-winning credentials will secure investor and consumer confidence as demand for world-class charter services is strong,” he added.

Datuk Wira Lim further elaborated MJETS (M) Sdn Bhd anticipates strong demand for their private charter flights, as the ASEAN economy is fast expanding, with Malaysia and Indonesia emerging as a key hubs.

According to the Air Charter Services market report, the global Air Charter Services market is expected to expand at a CAGR of 12.0%, hitting USD 34,070 million by 2027.

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