Written by: Ahmed Awad Kuwait's Aviation Lease and Finance Co.-Alafco announced that it General Assembly meeting has approved the distribution of 5% cash dividends, representing KWD5 fils per share at total amount of KWD3.8 million , for the fiscal year 2013/2014.

Meanwhile , the meeting approved the distribution of bonus shares at 5 free stocks for every 100 stocks held.

As for listing Alafco's shares in London Stock Exchange , the company's meeting decided to cancel it.

Earlier news reports stated that Alafco plans to spend about $600 million buying 15 new aircraft over the next two years to cover a gap before it receives already-ordered planes in 2017.

Alafco expects to receive 117 new aircrafts, which it previously bought for $12.5 billion, between 2017 and 2022, added the reports.

Notably, the aviation operator reported KWD12.5 million net profit in the first nine months of ongoing fiscal year FY14/15, while earnings per share hit KWD16 fils and revenue recorded KWD43.3 million. Translated by: Shaimaa ELSarky