Kuwait lessor ALAFCO has recommended the company delist and shut down after selling its aircraft portfolio. The lessor had sold an additional portfolio 23 aircraft worth $1.1bn to Macquarie AirFinance on February 23, 2024, on top of an existing agreement 53 aircraft and an orderbook of 20 737 aircraft for approximately $2.2bn.
The company said it is seeking to obtain approval of the ordinary general assembly to delist from the Kuwait Boursa stock exchange. It would, in conjunction, begin the process of ""capital reduction and distribution of reserves"" after it receives approval.
Subsequently, ALAFCO said it will hold an extraordinary general assembly to examine the company's liquidation as well as distributing the remaining capital and general reserve.
At the time of its sale to Macquarie, ALAFCO CEO Adel Albanwan commented: ""ALAFCO’s board of directors intend to explore alternatives for the future of its global aviation business after completing all the procedures for selling the remaining aircraft in the company portfolio.""
ALAFCO recommends delisting
