Sersol in aviation deal with MJets

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,The heads of agreement signed between the managing director of Sersol Bhd Datuk Wira Justin Lim Hwa Tat (right) and chief executive officer of MJets Limited Natthapatr Sibunruang (left) will see a synergistic partnership between the two to benefit from the rising demand of private jet charters.

KUALA LUMPUR: Sersol Bhd has entered into a heads of agreement with MJets Ltd to set up a joint-venture (JV) company that will offer a wide range of aviation services such as ground-handling services, aircraft charter services and aircraft management.

The JV will see a 50:50 equity split that is made up of cash and non-cash contributions.

“We will have an equal equity partnership in this JV which will enable us to build a long-term sustainable business based on balanced contributions, risks and rewards between complementary partners,” said Sersol managing director Datuk Justin Lim Hwa Tat at an agreement signing ceremony yesterday.

MJets chief executive officer Natthapatr Sibunruang said the charter rates had surpassed pre-pandemic levels since last year.

“In the previous year, our charter rates were actually higher than in 2019. The demand for private jet charters had gone up by 30% year-on-year for the first six months in 2022 and we are expecting a growth of more than 50% in the same period next year.”

Moreover, the surge in demand is not only with private jet charter rates but also with second-hand aircraft. Lim stated that the positive outlook in the aviation industry was what made the JV timely for the group.

“We are looking into procuring a fleet of jets to increase the number of jets that MJets already has. Demand has gone up for private jet charters, as well as for second-hand aircraft.

“The price for these aircraft has increased from 30% to 35% due to high demand. The increase in price meant that the demand is there. As such, I think that this is a really good time for us to enter into this JV,” said Lim.