ALAFCO acquires portfolio of nine passenger aircrafts

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KUWAIT CITY, Aug 7, (KUNA): Aviation Lease and Finance Company (ALAFCO) announced Sunday that it has completed the acquisition of a nine-aircraft portfolio from GE Capital Aviation Services (GECAS). Kuwait-based ALAFCO said in a statement that the portfolio comprises of highly attractive Airbus and Boeing aircraft already on long-term lease to wellestablished airlines in Asia, with three of the airlines joining ALAFCO as new customers.

ALAFCO added that it’s keen on serving the needs of its new customers Lion Air, Juneyao Airlines and Citilink, as well as expanding its existing relationship with Nok Air. Lion Air is Indonesia’s largest privately- run airline and one of the largest lowcost carriers in the Southeast Asia region, while Juneyao Airlines is part of a major privately owned Chinese group.

Thai Airways International-Thailand’s flag carrier owns the largest stake in Nok Air, while Citilink is the low-cost subsidiary of the national carrier of Indonesia (Garuda Indonesia). ALAFCO also mentioned that the acquisition is in line with its growth strategy, which includes the acquisition of aircraft with lease attached from other lessors, as well as sale and lease-back transactions with airlines. Additionally, ALAFCO has contracted with Boeing and Airbus to acquire 117 new technology aircraft to be delivered between 2017 and 2021.

ALAFCO aims to have a fleet of more than 100 aircraft by the end of the decade. The statement pointed out that the customers and aircraft involved in this transaction include Lion Air (2x B737-800), Juneyao Airlines (2x A321-200), Citilink (3x A320-200) and Nok Air (2x B737- 800). ALAFCO is a global aircraft leasing company which is headquartered in Kuwait. Its main activities include aircraft operating leases, sale and leasebacks and aircraft lease management.

Its portfolio consists of 62 Airbus and Boeing aircraft comprising of A320, B737 and B777 aircraft which are leased to 19 airlines in 13 countries across the world, and it also invests in new technology aircraft and has a firm order of 117 aircraft comprising of 85 A320neo, 12 A350-900XWB, and 20 B737max aircraft.

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