Sri Lankan conglomerate Supreme Global has been identified as another party keen to acquire a majority stake in SriLankan Airlines (UL, Colombo International). The confirmation came via a May 13 Bursa Malaysia filing by MMAG Holdings Berhad, whose subsidiary MMAG Aviation Consortium Sdn Bhd has entered into a business agreement with Supreme to establish and manage a regional cargo feeder network should Supreme acquire SriLankan.

The Sri Lankan government is selling its state-owned airline, with a Request for Qualifications (RfQ) deadline expiring on April 22, 2024. ch-aviation has reported that at least six parties, including AirAsia Consulting Sdn. Bhd., the consulting arm of AirAsia Aviation Group, Dharshaan Elite Investment Holding Ltd., Sherisha Technologies Ltd., Hayleys PLC, FitsAir (8D, Colombo International), and Treasure Republic Guardians Ltd had participated in the RfQ process.

The agreement between MMAG and Supreme notes that MMAG Aviation will "provide freighter aircraft and operational support to establish a cargo feeder network for Sri Lankan Airlines following its acquisition by Supreme Global and its partner. The services shall include, but not be limited to, planning, staffing, managing, and maintaining the cargo network."

MMAG, via its MJets Air Sdn Bhd subsidiary, operates Kargo Xpress (WW, Kuala Lumpur International), an active freight airline with a small fleet of B737-800(BCF)s. MMAG, on behalf of Kargo Xpress, has recently locked in contracts to operate flights on behalf of Malaysia Airlines subsidiary MAS Kargo and Capital A subsidiary Teleport.

MMAG says the agreement will assist Supreme in its quest to buy SriLankan Airlines while strengthening its footprint in the aviation and logistics industry. According to its website, Supreme Global is "a privately held, emerging corporate which has established successful ventures in diversified fields such as natural resources/mining, commodity trading, investments, shipping/logistics, and space technology."