Alafco sells five A320s for $325mn

AIRCRAFT SALE: Alafco has sold five A320s to Aref Logistics for $325 million. (Supplied)

Kuwait's Aviation Lease & Finance Company (Alafco) said on Sunday it sold five Airbus A320 aircraft to the country's Aref Investment Group (AIG) for $325 million.

The sale to Aref Logistics Company, a unit of AIG, is for delivery next year, Alafco said in a statement on Kuwait's bourse website. It did not say how much profit it is making from the sale.

Aref Logistics will use the planes to ferry pilgrims to Saudi Arabia and labourers to the Gulf from Bangladesh, Alafco said.

Aref Logistics will operate the aircraft through units in Saudi Arabia and Bangladesh, Alafco added.

Islamic lender Kuwait Finance House is the largest shareholder in Aref Investment, owning 53.1%, according to the Kuwait bourse.

Alafco in December confirmed orders for 66 aircraft from Airbus and Boeing worth about $7 billion for delivery between 2009 and 2017. (Reuters)

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