by NURUL SUHAIDI/pic source: mjets.com

MJETS Ltd and Sersol Bhd have signed an agreement as part of the former’s latest venture into the private aviation industry.

Under the agreement, the two companies will set up a joint venture co (JVC) which will offer world-class aircraft charter services, ground handling services, aircraft management, as well as bring in a new fleet of private jets into Malaysia and Indonesia.

According to Sersol Group MD Datuk Wira Justin Lim, this partnership is to elevate the Malaysian private jet market which has yet to meet the global standards despite a surge in demand.

“This partnership is also timely, as we see the demand for private jets booming since the pandemic and due to the reopening of international borders.

“Despite the pandemic, in 2020, we flew more than in 2019, in which the estimated growth is around 30% year-on-year.

“We believe the demand will increase up to 50% by the end of this year,” he said yesterday.

Meanwhile, MJets CEO Natthapatr Sibunruang said with 15 years of experience in the private jet services aviation industry, the company believed that it has the capability and strategic approach to succeed with the expansion of private jet services in South-East Asia.

“We are thrilled to come into an agreement with Sersol at development and the long-term relationship of our Malaysia and Indonesia partners.

“Fundamentally, our aim is also to bring what we have in Thailand to Malaysia not only to benefit just the corporations but the country as a whole,” Sibunruang said.

He added that with the flexibility offered by private jets, many businesses will be able to perform their operations globally, increasing productivity and saving time.

This will be a synergistic partnership that promises positive revenue streams for both organisations. 

It is a 50:50 equity split in this new JVC made up of cash and non-cash contributions to the venture.

Through this JVC, the Malaysian private aviation industry is set to see a brand-new range of state-of-the-art private jet services which is expected to improve travel options at competitive prices following its entry into the market.

It also taps into the increasing demand preference for private charters by high-net-worth individuals.