Kuwait — Kuwait’s Aviation Lease and Finance Company (ALAFCO) has executed a framework agreement under which an order for 20 Boeing 737 Max 8 jets would be transferred to Macquarie AirFinance.
ALAFCO said in a statement on Kuwait stock exchange Wednesday that it has completed the novation of the Boeing order book to Macquarie AirFinance by executing the agreement for the Max purchase agreement dated October 2012.
The agreement will increase cash and cash equivalents by KD 21.7 million ($70 million), which will be reflected in the company’s second-quarter financial statements for the fiscal year 2022-2023.
ALAFCO was founded in 2000 and was listed on Kuwait Bourse in 2006.