Thailand-based FBO and operator MJets has signed an agreement with Malaysian holding company Sersol Berhad to set up a joint venture company (JVC) that will offer aircraft charter, ground handling and aircraft management services, bringing in a fleet of private jets into Malaysia and Indonesia.

This will be a synergistic partnership that promises positive revenue streams for both organisations. The JVC is a 50:50 equity split made up of cash and non-cash contributions.

“With 15 years of experience in private jet services and maintenance expertise for the aviation industry, we believe that MJets has the capability and strategic approach to soar towards success with the development 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,” says MJets CEO Natthapatr Sibunruang.

“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 that ease travel complications,” adds Datuk Wira Justin Lim.

Lim believes that the JVC provides a strategic growth opportunity for the Sersol group, as the private jet business along with the possibility of expansion of a world-class FBO is a relatively new industry segment for the Malaysian and Indonesian aviation sectors, as it taps into the increasing preference for private charters by HNWIs. Additionally, since the Covid pandemic hit, many passengers worldwide are seeking safer ways to travel without the risk of being exposed to infections.

As reported in Newswire in March this year, the global private jet market growth rate is expected to surge due to the increase in travel demand. Over the forecast period 2022-2030, the Asia-Pacific region will remain one of the world's largest markets.