Mubasher: Aviation Lease and Finance (Alafco) has signed a three-year agreement to purchase new airplanes.
This deal is worth $300 million (KWD 91.4 million), earmarked for financing, under the murabaha system, a fleet of aircraft of which contract was signed in 2011, according to a bourse statement issued on Tuesday.
This financing facility will be used starting from the fourth quarter of fiscal year 2016/17, pushing total liabilities and assets to increase by approximately $75 million each.
At the stock level, Alafco closed Tuesday’s session 2.9% lower at 369 fils.
