MMAG subsidiary sells Boeing 737-400SF to Congolese carrier for $2.8 million

MMAG Holdings Bhd disclosed that its indirect subsidiary, MJets Air Sdn Bhd, has agreed to transfer ownership of a Boeing B737-400SF to Mont Gabanon Airlines for US$2.8 million in cash. Mont Gabanon Airlines operates under Mont Gabaon SARLU, a private limited company registered in the Democratic Republic of Congo. Proceeds from the transaction will be directed chiefly toward MJets Air's working capital needs, including settlement of trade and other payables, routine operating expenses, lease rentals and related costs.

The company framed the sale as a component of an ongoing assessment of its aviation portfolio, citing heightened geopolitical tensions and soaring fuel prices that have inflated operating costs and dampened charter demand for this aircraft type. The move reflects broader industry pressures on regional carriers to streamline assets and improve cash flow.