ALAFCO finalizes landmark agreement with Macquarie

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KUWAIT CITY, Feb 20: The Extraordinary General Assembly of the Kuwait Aircraft Purchase and Lease Finance Company (ALAFCO) convened recently, endorsing amendments to the agreement for the sale of 53 aircraft from its portfolio, along with associated lease contracts, initially approved in December 2022, reports Al-Seyassah daily. The assembly further sanctioned the inclusion of 23 new aircraft from ALAFCO’s portfolio, along with associated lease contracts, in the agreement.

This comprehensive deal, to be finalized with Macquarie Group at a base price of $1.115 billion, marks a significant milestone for the company. Informed sources revealed to the Arab World News Agency (AWP) that upon the approval of these amendments, ALAFCO is poised to divest all 76 of its aircraft assets to Macquarie, pending the resolution of certain regulatory matters. Notably, these regulatory issues pertain to economic concentration and necessitate approval from the Kuwaiti Competition Protection Agency.

The company has already initiated the requisite procedures and is now awaiting regulatory clearance. Furthermore, the assembly empowered the Board of Directors to formulate a strategic vision for the company’s future post-completion of the aircraft sale procedures. This forward-looking approach underscores ALAFCO’s commitment to adapting and thriving in the evolving aviation landscape.

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