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Tue 6 Jul 2010 04:39 PM

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Kuwait's Alafco to lease seven Boeing aircraft

Ethiopian Airlines, Okay Airways will each lease 3 new Boeing 737-800 aircraft for 96 months.

Kuwait's Alafco to lease seven Boeing aircraft
LEASE DEAL: Alafco said it also agreed to lease a used Boeing 777-200 for 96 months to Transaero Airlines, at a market price of $60m. (Getty Images)

Kuwait's Aviation Lease and Finance Co (Alafco) said it agreed to lease seven Boeing aircraft to Ethiopian Airlines, China's Okay Airways and Russia's Transaero Airlines.

Ethiopian Airlines and Okay Airways will each lease three new Boeing 737-800 aircraft for 96 months, Alafco said in a statement on the Kuwaiti bourse website on Tuesday. The market price of each aircraft is $77m, the firm said.

Alafco said it also agreed to lease a used Boeing 777-200 for 96 months to Transaero Airlines, at a market price of $60m.

Alafco, in which Islamic lender Kuwait Finance House and state-owned Kuwait Airways are the biggest shareholders, said monthly rental charges are 1 percent of the listed prices. (Reuters)

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