New Malaysian airline orders 20 jets

A new Malaysian airline, flymojo, Tuesday inked an agreement to buy 20 CS100 aircraft from Bombardier Inc., giving the Canadian manufacturer its first customer for the plane in Southeast Asia.

The deal is worth roughly $1.47 billion based on the base price of the planes. Flymojo also has the option to buy 20 more, which would increase the list price value to $2.94 billion, according to The Associated Press.

Flymojo is expected to be a full-service carrier and would face competition from flag carrier Malaysia Airlines and budget airline AirAsia.

Read more from The Associated Press.