The Board of Directors of MMAG Holdings Berhad announced that the Company had on 27 March 2024 entered into a Memorandum of Collaboration (MOC) with Menzies Aviation (SG) Pte Ltd. to establish a mutually beneficial collaboration in the areas of ground handling and aviation services. The Parties have jointly identified areas of potential collaboration to increase the efficiency of air services, bridge existing inadequacies or gaps in the aviation (especially logistics) industry. As a result, the Parties intend to set forth their intentions and understanding in the MOC to collaborate and work together through a jointly-held company to be the global pioneer with first-mover advantage in addressing and improving the process and services chain relating to the abovementioned sector.

Salient terms of the MOC: Duration: The Parties agree that the MOC shall be effective on the date of the MOC until such time as the Parties deem it fit to execute any definitive agreement which supersedes the MOC or to mutually terminate the MOC whereby the MOC shall ipso facto cease and determine. Obligations of the Parties: The Parties agree that following shall inter alia, dictate their relationship: The Parties aim to establish a mutually beneficial collaboration in the areas of ground handling and aviation services; Subject to further discussions, the objectives and areas the Parties wish to undertake will include to establish a comprehensive ground handling and aviation services; leverage on each Party's expertise and presence including Menzies' established global presence and expertise in ground handling; achieve breakthrough cost savings and operational efficiencies through innovation, automation, optimised ground handling agreements and shared resources; address and facilitate seamless turnaround operations for aircraft at existing and future destinations; and in terms of slot and air traffic rights assistance, Menzies will assist MMAG Group in securing slots and traffic rights at various airports, facilitating smooth operations and expansion, where possible; The Parties shall share information and discuss, negotiate or otherwise agree on the scope of responsibilities of the respective Parties in respect of the various services and improvements to be provided at various locations locally, regionally and globally, where feasible; and Any and all such discussions and negotiations shall be carried out in good faith in order to create a win-win situation for both Parties through a jointly owned company.