Malaysian helicopter tycoon

Starting with a helicopter purchased for $1.5 million for personal use, Ibrahim ventured into the helicopter leasing industry and captured the second-largest market share in Asia.

"In ten years, we want to be the world's largest helicopter operator," declared Syed Azman Syed Ibrahim, 63, Chairman of Weststar Aviation Services.

Weststar Aviation Services, a subsidiary of Weststar Group, founded and led by CEO Ibrahim, is the second-largest offshore helicopter service operator in the Asia- Pacific region, according to Indian market research firm Imarc. The company currently operates 34 helicopters and placed an order for five more in May.

Weststar helicopters are used to transport executives and personnel for the oil and gas industry, for survey operations, and for medical evacuations in locations that are difficult or inaccessible to access by other modes of transport. The company has operations in Southeast Asia, the Middle East, and Africa.

They have major clients such as Malaysia's state-owned oil company Petronas and Western oil giants like Shell and ExxonMobil. Weststar Aviation Services also has its own division, Weststar General Aviation, which owns two aircraft and a helicopter dedicated to serving VIP clients.

Syed Azman Syed Ibrahim, Chairman of Weststar Aviation Services. Photo: Forbes

Before setting his sights on the helicopter services industry, Ibrahim came from the Malaysian military, and his Weststar Group also operates in other sectors such as car dealerships and food and beverage.

Syed Azman Syed Ibrahim entered the business world in 1994 after 13 years of service as an officer in the Royal Malaysian Armed Forces Intelligence Service. He started his career by investing 200,000 ringgit to import used luxury cars from Europe for sale in Malaysia. In 2002, he became a distributor for Honda. In 2011, he imported and distributed Maxus cars from China.

Ibrahim entered the aviation industry in 2002 when he bought a helicopter for $1.5 million, primarily for personal use. But he quickly became interested in learning about the costs and legal requirements for operating helicopters commercially.

He decided to expand his operations after recognizing the significant potential of helicopter services in the oil and gas sector. Malaysia is the second-largest oil and gas producer by output in Southeast Asia, according to the U.S. Energy Information Administration. By 2011, he had 11 helicopters and received funding from KKR two years later.

In March 2023, Ibrahim acquired a 21% stake in Weststar Aviation Services from KKR, giving him 100% ownership of the company. In this deal, the company was valued at 4 billion ringgit (US$890 million). Ibrahim ranks 24th on the list of Malaysia's 50 richest people with an estimated net worth of US$825 million.

According to a report from the German research firm Research & Markets, the global offshore helicopter services market is expected to grow from $2.5 billion in 2022 to $3.1 billion in 2028.

Ibrahim plans to invest $250 million to increase the number of helicopters his company owns and leases by nearly 30% over the next two years. His fleet mainly consists of medium-sized aircraft manufactured by Airbus and Leonardo (Italy).

In addition, to reduce his dependence on Malaysia, he is actively seeking new markets. "We are looking for strategic investors who can help us grow overseas," he said. He recently had discussions with several investors in the Middle East.

In March, the company partnered with Helicopter & Cooperation SAS – a joint venture between Avico Group (France) and Westair Aviation (Namibia). The agreement allows the company to expand its presence in the oil and gas industry in Europe and Africa. Ibrahim is particularly interested in Namibia, Equatorial Guinea, and Mauritania in Africa; as well as Guyana on the north coast of South America and Suriname in Indonesia.

The company is also expanding its government leasing business. This year, it leased four helicopters to the Royal Malaysian Air Force. Four more will be delivered in early 2024, while three more will be contracted to the Malaysian government. Under the agreements, the air force and the government operate the aircraft, but they are owned and maintained by Weststar Aviation Services.

Market share of offshore helicopter leasing services in the Asia-Pacific region. Source: Imarc

Matthieu Guisolphe, Southeast Asia Business Director of aviation consultancy Asian Sky Group (Hong Kong), assessed Weststar Aviation Services as a long-established and experienced company. "They are a reputable helicopter operator with a modern fleet," he said.

However, Ibrahim's ambitions face several challenges. Dennis Lau, Director of Consulting Services at Asian Sky Group, noted that many companies in the industry are also racing to expand their operations. "The helicopter services market is highly fragmented and competitive, especially when bidding on oil and gas contracts," he said. Finding suitable partners is also not easy.

Besides helicopter services, Ibrahim's automotive business generated consolidated revenue of 315 million ringgit last year. He is the exclusive distributor of Chinese Maxus vehicles in Malaysia through Weststar Maxus. Ibrahim plans to open more dealerships to increase the distribution of Maxus electric and hybrid vehicles. He expects these models to account for 20% of Maxus sales this year. In addition, Weststar Auto is also a Honda dealer.

In the F&B sector, Ibrahim's eldest son, Syed Muhammad Arif, manages nine Wolf & Turtle coffee shops in Malaysia and plans to triple that number by 2025. In total, three of Ibrahim's seven children and one son-in-law are involved in this field. Ibrahim also owns the Absolute Thai chain located in shopping malls in Thailand.

Commenting on reports that Weststar Aviation Services is considering an IPO, Mr. Ibrahim said the company is in no hurry. "We will only do that when the time is right."

With the goal of becoming the world's largest helicopter operator, he may face fierce competition. Some of the industry's leading companies already have over 200 aircraft. But Ibrahim is unfazed, arguing that the key isn't about who has the most helicopters. "It's also about who has the best pilots, the best engineers, the best safety record, and reasonable profitability," he said.

Phiên An ( according to Forbes )

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