Kuwait – Mubasher: Aviation Lease and Finance Co. (ALAFCO) said its board of directors approved an offer received from Gulf Investment Corporation (GIC) to subscribe to shares of capital increase to KWD 95.13 million.

In a meeting held Tuesday, the board of the Kuwait-listed aircraft leasing company called for an extraordinary general meeting to look into the proposed capital increase set to be carried out through issuing 133.3 million shares at 100 fils par value plus 125 issue premium per share, after obtaining official and regulatory approvals.

ALAFCO is currently capitalised at KWD 81.8 million, divided into 818 million shares at 100 fils per share.