DailySpaceMMAG Holdings Berhad
0034 · ACE Market创业板（ACE Market） · annual reports 2023 to 2026, 452 entries read2023 至 2026 年报，共读出 452 条
The company这家公司
MMAG Holdings Berhad is a supply chain and logistics provider operating across mobile and fulfilment, courier and logistics, aviation services, and financial services.MMAG Holdings Berhad 是一家供应链与物流服务商，业务涵盖移动与履约、快递与物流、航空服务以及金融服务。
Sources (3)出处（3）
In 2024, the Group embarked on a strategic internal restructuring to streamline our operations into three key business pillars: Supply Chain Management, Courier and Logistics, and Aviation.
The Financial Services segment was established during FPE 2026, marking the Group’s entry into the financial services sector, providing alternative financing solutions to start-ups and other underserved segments of the market.
As a logistics provider employing over 1,200 people across warehousing, cargo handling, aviation, and last-mile delivery functions
In FPE 2026, aviation contributed 50.37% of group revenue, mobile and fulfilment 40.48%, courier and logistics 8.0%, others 0.91%, and financial services 0.24%.在 2026 财期，航空部门占集团营业额的 50.37%，移动与履约占 40.48%，快递与物流占 8.0%，其他占 0.91%，金融服务占 0.24%。
Sources (6)出处（6）
Aviation 662,823 330,138 50.37%
Mobile & Fulfilment 532,580 357,914 40.48%
Courier & Logistics 105,272 136,155 8.0%
Others 11,942 164 0.91%
Financial Services 3,177 – 0.24%
Group Revenue 1,315,794 824,371 100.0%
By country, Malaysia generated RM1,105,673,972 of revenue in FPE 2026, followed by Macau with RM121,478,875 and Singapore with RM86,626,451. A single customer in mobile and fulfilment accounted for RM410,297,092, while two aviation customers contributed RM139,768,075 and RM138,262,918.按国家/地区划，马来西亚在 2026 财期贡献 RM1,105,673,972 营业额，其次是澳门 RM121,478,875 及新加坡 RM86,626,451。移动与履约部门的一名客户贡献 RM410,297,092，而两名航空客户分别贡献 RM139,768,075 与 RM138,262,918。
Sources (6)出处（6）
- Malaysia 1,105,673,972 625,853,857
- Singapore 86,626,451 103,228,728
- Macau 121,478,875 -
Customer A 410,297,092 106,152,542 Mobile and fulfilments
Customer B 139,768,075 - Aviation business
Customer C 138,262,918 - Aviation business
Future Star Sdn. Bhd. is the largest shareholder holding 468,024,800 shares (20.16%), which are held in a pledged securities account with Velocity Capital Sdn. Bhd., with Cheah Min Lly having deemed interest. NexG Berhad holds 220,000,000 shares (9.48%). Former director Chin Boon Long was an indirect major shareholder through his spouse Chan Swee Ying, until both resigned as directors.Future Star Sdn. Bhd. 为最大股东，持有 468,024,800 股（20.16%），存放于 Velocity Capital Sdn. Bhd. 的抵押证券账户，Cheah Min Lly 拥有被视为权益。NexG Berhad 持有 220,000,000 股（9.48%）。前董事 Chin Boon Long 曾通过其配偶 Chan Swee Ying 间接持有重大股权，直至两人辞任董事。
Sources (6)出处（6）
Future Star Sdn. Bhd. 468,024,800 20.16 - -
Cheah Min Lly * - - 468,024,800 20.16
NexG Berhad 220,000,000 9.48 - -
1. VELOCITY CAPITAL SDN. BHD. 468,024,800 20.16 (PLEDGED SECURITIES ACCOUNT FOR FUTURE STAR SDN. BHD.)
He was also an indirect major shareholder of MMAG through his spouse, Chan Swee Ying (“Mdm. Chan”), who is a major shareholder of MMAG.
Mr. Chin and Mdm. Chan resigned as Executive Director and Alternate Director of MMAG, respectively, on 3 November 2025 and 27 March 2025.
Executive changes during FPE 2026 included the appointments of Ahmad Luqman Bin Mohd Azmi and Dato' Kevin Jit Singh A/L Ragbir Singh as Executive Directors, and the resignations of Chairman Tan Sri Dato' Seri Mohd Khairul Adib Bin Abd Rahman and Executive Directors Chin Boon Long and Chong Koon Meng. As at report date, the positions of Chairman of the Board and Chief Executive Officer were vacant.2026 财期管理层变动包括任命 Ahmad Luqman Bin Mohd Azmi 与 Dato' Kevin Jit Singh A/L Ragbir Singh 为执行董事，以及主席 Tan Sri Dato' Seri Mohd Khairul Adib Bin Abd Rahman 与执行董事 Chin Boon Long 和 Chong Koon Meng 辞职。截至报告日，董事会主席与首席执行员职位处于悬空状态。
Sources (6)出处（6）
1.3 Currently, the positions of the Chairman of the Board and the Chief Executive Officer (“CEO”) are vacant.
(a) En. Ahmad Luqman Bin Mohd Azmi was appointed as Executive Director on 3 February 2025;
(b) Tan Sri Dato’ Seri Mohd Khairul Adib Bin Abd Rahman resigned as Chairman/Independent Non-Executive Director on 24 March 2025;
(e) Dato’ Kevin Jit Singh A/L Ragbir Singh was appointed as Executive Director on 3 November 2025;
(f) Mr. Chin Boon Long resigned as Executive Director on 3 November 2025;
(j) Mr. Chong Koon Meng resigned as Executive Director on 29 June 2026.
Revenue share by segment, FPE 20262026 财期各部门营业额占比
Sources (5)出处（5）
Aviation 662,823 330,138 50.37%
Mobile & Fulfilment 532,580 357,914 40.48%
Courier & Logistics 105,272 136,155 8.0%
Others 11,942 164 0.91%
Financial Services 3,177 – 0.24%
Major events大事记
Sources (1)出处（1）
On 4 April 2022, the Company disposed the entire 74.51% equity interest in MGSB, comprising 19,000,000 ordinary shares to Ingenieur Group Berhad (“IGB”) for a total consideration of RM17,649,843 by way of combination of cash of RM534,900 and issuance of 180,157,290 new ordinary shares in IGB
Sources (1)出处（1）
On 14 April 2023, the Board of Directors announced that MJets (“Plaintiff”), had commenced a legal suit against Gunasekar A/L Mariappan and Philip Phang King Ming (“Defendants”), former directors of MJets for breach of fiduiciary duties due and owing to the Plaintiff.
Sources (3)出处（3）
(a) Completed the shares consolidation of every 10 existing ordinary in the Company into 1 ordinary share with fractional shares disregarded and resulting in the reduction in the number of ordinary shares from 2,422,391,577 ordinary shares to 242,239,061 ordinary shares;
(b) Issued 1,453,434,366 new ordinary shares at issue price of RM0.10 together with 726,717,178 free detachable warrants for a total cash consideration of RM145,343,436 for working capital purposes;
On 2 October 2024, pursuant to Paragraph 2.1(g) of the Guidance Note 3 (“GN3”) of the ACE Market Listing Requirements (“Listing Requirements”) of Bursa Malaysia Securities Berhad (“Bursa Securities”), the Company has triggered Paragraph 2.1(g) of GN3 of the Listing Requirements.
Sources (1)出处（1）
During the financial period, a special resolution was passed by shareholders on 16 January 2025 to reduce the issued share capital of the Company by RM270 million pursuant to Section 117 of the Companies Act, 2016 in Malaysia.
Sources (2)出处（2）
During the financial period, certain bank accounts of the Group and the Company were gradually frozen by the relevant authorities pursuant to investigations under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (“AMLA”).
Subsequently, on 23 April 2026, MSAL and GASL mutually agreed to terminate the Aircraft Sale Agreement and the related Lease Agreement in respect of the proposed acquisition of a Boeing 737-800BCF aircraft.
Revenue and loss before taxation营业额与税前亏损
Assets, borrowings and cash资产、借款与现金
20232023 年
The group incurred a net loss of RM89,392,204 for FY2023, with current liabilities exceeding current assets by RM56,863,285. Cash flows were supported by private placement proceeds of RM13,625,384, warrant exercises of RM6,900,700, disposal of investment property of RM20,194,496, and disposal of other investments of RM39,217,381. Capital expenditure on property, plant and equipment was RM23,571,316, while leasing a fourth aircraft increased total liabilities to RM450.20 million.集团 2023 财年录得净亏损 RM89,392,204，流动负债超过流动资产 RM56,863,285。现金流由私下配售所得 RM13,625,384、凭单行使所得 RM6,900,700、脱售投资产业所得 RM20,194,496 以及脱售其他投资所得 RM39,217,381 所支持。物业、厂房与设备资本支出为 RM23,571,316，而租用第四架飞机使总负债增至 RM450.20 million。
Sources (7)出处（7）
The Group’s total liabilities for FYE 2023 increased to RM450.20 million as compared with RM425.44 million in FYE 2022, the increase mainly due to the leasing of fourth aircraft for Air Freight division, which led to the increase in lease liabilities.
(a) 681,269,200 new ordinary shares at issue price of RM0.02 for a total cash consideration of RM13,625,384 pursuant to private placement;
(b) 34,503,500 new ordinary shares for total cash consideration of RM6,900,700 pursuant to the exercise of 34,503,500 Warrants at an exercise price of RM0.20 each;
We draw attention to Note 2 to the Financial Statements which indicates that the Group incurred a net loss of RM89,392,204 during the financial year and as at 31 March 2023, the total current liabilities of the Group exceeded its total current assets by RM56,863,285.
Proceeds from disposal of investment property 20,194,496 – – –
Proceeds from disposal of other investments 39,217,381 35,203,537 39,217,381 35,203,537
Purchase of property, plant and equipment (23,571,316) (22,584,579) – –
20242024 财期
In FPE 2024, MMAG completed a 10-to-1 share consolidation and raised RM145,343,436 from a rights issue and RM92,093,959 from warrant exercises. The group spent RM8,250,000 cash to acquire 5,400,000 shares in Line Clear Express and agreed to sell freehold land for RM3,000,000. On 2 October 2024, the company triggered Guidance Note 3 status due to going concern uncertainties raised in the FY2023 audit.在 2024 财期，MMAG 完成了 10 股合为 1 股的股份整合，并通过附加股筹集 RM145,343,436，以及凭单行使筹集 RM92,093,959。集团以 RM8,250,000 现金收购 Line Clear Express 的 5,400,000 股股份，并同意以 RM3,000,000 脱售永久地契土地。2024 年 10 月 2 日，因 2023 财年审计报告中的持续经营不确定性，公司触发 GN3 重组状态。
Sources (6)出处（6）
(a) Completed the shares consolidation of every 10 existing ordinary in the Company into 1 ordinary share with fractional shares disregarded and resulting in the reduction in the number of ordinary shares from 2,422,391,577 ordinary shares to 242,239,061 ordinary shares;
(b) Issued 1,453,434,366 new ordinary shares at issue price of RM0.10 together with 726,717,178 free detachable warrants for a total cash consideration of RM145,343,436 for working capital purposes;
(c) Issued 613,959,724 new ordinary shares of cash arising from the exercise of warrants at exercise price of RM0.15 for a total consideration of RM 92,093,959.
(a) On 4 October 2023, MOV entered into a Shares Sales Agreement with a third party for the purchase of 5,400,000 LCE ordinary shares for a cash subscription price of RM8,250,000.
On 20 August 2024, the Group has entered into a sales and purchase agreement with a third party, to dispose a parcel of freehold land for a sale consideration of RM3,000,000.
On 2 October 2024, pursuant to Paragraph 2.1(g) of the Guidance Note 3 (“GN3”) of the ACE Market Listing Requirements (“Listing Requirements”) of Bursa Malaysia Securities Berhad (“Bursa Securities”), the Company has triggered Paragraph 2.1(g) of GN3 of the Listing Requirements.
20262026 财期
For FPE 2026, net loss was RM89,099,114 and net current liabilities were RM38,953,934, impacted by RM73.99 million in non-operational impairment charges including RM35.63 million goodwill impairment and RM32.28 million receivable impairment. Capital spending on aircraft and aviation infrastructure was RM81.82 million, while share capital was reduced by RM270 million to offset accumulated losses. Certain bank accounts were frozen under AMLA investigations, and warrant exercises generated RM1,734,615.在 2026 财期，净亏损为 RM89,099,114，净流动负债为 RM38,953,934，受 RM73.99 million 非营运减值计提影响，包括 RM35.63 million 商誉减值与 RM32.28 million 应收款项减值。飞机与航空基础设施的资本支出为 RM81.82 million，同时削减股本 RM270 million 以抵销累计亏损。在 AMLA 调查下部分银行账户被冻结，而行使凭单带来 RM1,734,615 资金。
Sources (6)出处（6）
In Q6 2026, the Group recognised non-operational impairment charges aggregating approximately RMM73.99 million, comprising goodwill impairment of RM35.63 million, impairment loss on receivables of RM32.28 million, impairment on property, plant and equipment of RM1.75 million, and impairment of
Net cash used in investing activities amounted to RM127.62 million, primarily for capital expenditure of RM81.82 million relating to aircraft, aviation infrastructure and other operational assets, reflecting the Group’s continued investment in expanding its aviation operations.
During the financial period, the Company issued 11,564,100 new ordinary shares pursuant to the exercise of warrants at an exercise price of RM0.15 per ordinary share for a total cash consideration of RM1,734,615.
During the financial period from 1 October 2024 to 31 March 2026, the Group incurred a net loss of RM89,099,114 and, as at 31 March 2026, the Group’s current liabilities exceeded its current assets by RM38,953,934.
During the financial period, certain bank accounts of the Group and the Company were gradually frozen by the relevant authorities pursuant to investigations under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (“AMLA”).
During the financial period, a special resolution was passed by shareholders on 16 January 2025 to reduce the issued share capital of the Company by RM270 million pursuant to Section 117 of the Companies Act, 2016 in Malaysia.
Across the reports跨报告期
Across all three reports, auditors highlighted material uncertainty or key audit matters regarding MMAG's ability to continue as a going concern. Lease liabilities, primarily for aircraft and operational assets, remained high at RM266,647,302 in 2023, RM281,683,326 in 2024, and RM274,354,782 in 2026. No dividends were paid or declared across the period under review.在三份报告中，审计师均对 MMAG 持续经营的能力提出了重大不确定性或关键审计事项。主要用于飞机及营运资产的租赁负债居高不下，2023 年为 RM266,647,302，2024 年为 RM281,683,326，2026 年为 RM274,354,782。回顾期内未派发或宣派任何股息。
Sources (7)出处（7）
These events or conditions indicate the existence of a material uncertainty which may cast doubt about the Group’s ability to continue as going concern.
The lease liabilities of RM266,647,302 (2022: RM219,419,893) of the Group are secured by the corporate guarantee of the Company.
These events or conditions indicate material uncertainty that may cast doubt on the Group’s ability to continue as a going concern.
The lease liabilities of RM281,683,326 (31.3.2023: RM266,647,302) of the Group are secured by the corporate guarantee of the Company.
No dividends have been paid or declared by the Company for the financial period under review.
Given the significant judgement and estimation involved in assessing the assumptions underlying the Group’s cash flow projections, we determined the going concern assessment to be a key audit matter.
The lease liabilities amounting to RM274,354,782 (30.9.2024: RM281,683,326) are secured by corporate guarantee provided by the Company.
Still to be spent尚未支出的承诺
At 31 March 2026, capital commitments contracted for purchase of aircraft and building construction stood at RM114,213,333. Out of RM145.3 million total rights issue proceeds, RM141.3 million had been utilised, including RM59.0 million of the RM63.0 million allocated for capital expenditure.截至 2026 年 3 月 31 日，购买飞机与建筑物建设的已签约资本承诺为 RM114,213,333。在 RM145.3 million 附加股总所得中，已动用 RM141.3 million，其中包括资本支出划拨的 RM63.0 million 中的 RM59.0 million。
Sources (3)出处（3）
Capital expenditure for new warehouse/ hubs/ depots and related purchases of system, equipment and new fleet of vehicles (1) 70,000 (7,000) 63,000 58,998 Within 36 months
Total 145,343 - 145,343 141,341
Construction of buildings 2,907,873 2,898,682 114,213,333 2,898,682
Four years of figures四年数字
Group figures, in RM, as printed in the statements.集团数字，单位令吉，照财务报表所印。
| Group集团 | 2022 | 2023 | 2024 | 2026 |
|---|---|---|---|---|
| RM令吉 | RM令吉 | RM令吉 | RM令吉 | |
| Revenue营业额 | 385,877,852 | 422,095,703 | 824,370,947 | 1,315,793,721 |
| Loss before taxation税前亏损 | (33,653,628) | (89,864,134) | (103,328,113) | (83,498,210) |
| Total assets总资产 | – | 598,492,610 | 720,389,503 | 719,719,722 |
| Borrowings借款 | 20,549,136 | 15,424,507 | 13,805,381 | 33,257,251 |
| Cash and bank balances现金与银行结余 | 12,839,890 | 11,325,644 | 6,198,455 | 24,518,445 |
| Other investments其他投资 | 251,436,725 | 59,370,869 | 0 | 0 |
| Fixed deposits with licensed banks持牌银行定期存款 | 12,540,000 | 7,727,584 | 81,587,008 | 27,533,686 |
On a computer, hover over a figure for the report and page it is printed on.在电脑上把鼠标移到数字上，可看到它印在哪份年报的哪一页。
Said and done说过的与做到的
| What the reports said年报说要做的 | What later reports show之后年报显示的 | Status状态 |
|---|---|---|
| Proposed rights issue of up to 1,453,434,942 new shares at RM0.10 per share to raise funding for network expansion (2023 report)建议以每股 RM0.10 配售最多 1,453,434,942 股附加股，以筹集网络扩张资金（2023 年报） | Completed share consolidation and issued 1,453,434,366 new shares at RM0.10, raising RM145,343,436 (2024 report)完成股份整合，并以每股 RM0.10 发行 1,453,434,366 股新股，筹集 RM145,343,436（2024 年报）Sources (3)出处（3）For Courier & Logistics Services division, our Group is in the midst to raise funding via a Proposed Rights Issue to further expand our network of hubs, depots and stations by connecting the primary and secondary towns the utilisation of proceeds upon completion of proposed right issue of up to 1,453,434,942 new shares at an issue price of RM0.10 per right shares, together with up to 726,717,471 free detachable warrants in the Company on the basis of 1 warrant for every 2 Right shares subscribed; (b) Issued 1,453,434,366 new ordinary shares at issue price of RM0.10 together with 726,717,178 free detachable warrants for a total cash consideration of RM145,343,436 for working capital purposes; | Completed已完成 |
| Planned to provide third-party ground handling services to other airlines and cargo operators (2023 report)计划向其他航空公司及货运运营商提供第三方地面服务（2023 年报） | Set up joint venture with Menzies Aviation and secured Ground Handling Licence effective November 2025 (2024 and 2026 reports)与 Menzies Aviation 成立合资公司，并获得自 2025 年 11 月生效的地面服务牌照（2024 与 2026 年报）Sources (5)出处（5）The company is now all set to provide comprehensive end-to-end third-party ground handling services to other airlines and cargo operators. The Group will commence its self-handling services for customers goods and potentially could handle third party shipment in due course. MAC has set up a joint-venture company with Menzies Aviation for ground handling and aviation services. The Group further expanded its ground handling capabilities through a joint venture with Menzies Aviation Group to provide ground handling and aviation-related services, including passenger handling, ramp operations, aircraft servicing and cargo management. MJets Air holds an Air Service Licence and an Air Operator Certificate for its aviation operations whereas the Ground Handling Licence is held by XCT effective from November 2025. | Carried out已执行 |
| Entered agreement to acquire 850,000 shares in Cipta X Sdn. Bhd. (2024 report)签订协议收购 Cipta X Sdn. Bhd. 的 850,000 股股份（2024 年报） | Completed the acquisition in October 2024 and subsequently acquired the remaining 15% in Cipta X (2024 and 2026 reports)于 2024 年 10 月完成收购，随后再收购 Cipta X 剩余的 15% 股权（2024 与 2026 年报）Sources (4)出处（4）(c) On 27 June 2024, the Company had entered into a Shares Sale Agreement with Velocity Capital Partner Berhad (formerly known as CSH Alliance Berhad), for the acquisition of 850,000 ordinary shares in Cipta X Sdn. Bhd. (“Cipta X”) The transaction was completed on 24 October 2024. (a) On 27 June 2024, the Company entered into Shares Sale Agreement (“SSA”) with Velocity Capital Partner Berhad (formerly known as CSH Alliance Berhad) (“Velocity”) to acquire 850,000 ordinary shares, representing 85% of the entire issued share capital of Cipta X for a total purchase consideration Subsequently, the Company had further acquired 150,000 ordinary shares in Cipta X, representing 15% of the equity interest in Cipta X, for a total cash consideration of RM6,000,000. | Completed已完成 |
| Entered sales and purchase agreement to dispose a parcel of freehold land for RM3,000,000 (2024 report)签订买卖协议以 RM3,000,000 脱售一宗永久地契土地（2024 年报） | The sales and purchase agreement relating to the proposed disposal was mutually terminated (2026 report)有关拟议脱售的买卖协议已协议终止（2026 年报）Sources (2)出处（2）On 20 August 2024, the Group has entered into a sales and purchase agreement with a third party, to dispose a parcel of freehold land for a sale consideration of RM3,000,000. During the financial period, the SPA relating to the proposed disposal was mutually terminated. | Terminated已终止 |
What the reports leave open年报留下待看的事
- Resolution of AMLA investigations and unfreezing of group bank accounts that remained frozen at report approval date.AMLA 调查的处理进展及截至报告批准日仍处于冻结状态的集团银行账户解冻情况。
Sources (2)出处（2）
During the financial period, certain bank accounts of the Group and the Company were gradually frozen by the relevant authorities pursuant to investigations under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (“AMLA”).
As at the date of approval of these financial statements, the affected bank accounts remain frozen.
- Progress on the proposed divestment of an 80% equity interest in MMAG Aviation Consortium Sdn. Bhd., subject to definitive agreements, and regularisation under Guidance Note 3.出售 MMAG Aviation Consortium Sdn. Bhd. 80% 股权拟议方案的进展（尚需签署最终协议），以及 Guidance Note 3 下的重组计划。
Sources (3)出处（3）
The timing and likelihood of completion of the proposed divestment of an 80% equity interest in MMAG Aviation Consortium Sdn. Bhd. and its subsidiary companies, which remains subject to, amongst others, the execution of a definitive agreement and the receipt of the relevant approvals.
(a) On 2 October 2024, pursuant to Paragraph 2.1(g) of the Guidance Note 3 (“GN3”) of the ACE Market Listing Requirements (“Listing Requirements”) of Bursa Malaysia Securities Berhad (“Bursa Securities”), the Board of Directors of the Company announced that the Company has triggered Paragraph 2.1(g)
Subsequent to the end of the financial period, on 19 May 2026, the Company entered into a non-binding term sheet with two third-party investors in relation to the proposed divestment of an 80% equity interest in MAC
- Outcome of ongoing legal suits against former directors for breach of fiduciary duties, with trial dates scheduled in November 2026.对前董事就违反受托责任提起的法律诉讼的进展，审讯日期已定于 2026 年 11 月。
Sources (3)出处（3）
The Group remains involved in ongoing legal proceedings relating to MJets Air Sdn. Bhd. and other commercial matters arising in the ordinary course of business.
The next case management has been fixed on 2 February 2027 to update the Court on the status of the mentioned suit.
The trial dates are now fixed on 2 November 2026 to 5 November 2026 and 12 November 2026 to 13 November 2026.
- Loan receivables in the new financial services segment stood at gross RM54,313,089, with expected credit loss allowances of RM31,569,170 recognised at 31 March 2026.新金融服务部门的应收贷款毛额为 RM54,313,089，截至 2026 年 3 月 31 日已计提预期信用损失准备 RM31,569,170。
Sources (1)出处（1）
As at 31 March 2026, the Group had loan receivables with a gross carrying amount of RM54,313,089, against which expected credit loss allowances of RM31,569,170 were recognised, resulting in a net carrying amount of RM22,743,919.
Facts as printed in the company's annual reports, with the page of each; no rating and no advice. Built 2026-10-12.内容为公司年报所印的事实，并注明页码；不评级，不构成投资建议。生成日期 2026-10-12。