Mubasher: Aviation Lease and Finance (Alafco) announced that it was awarded an auction offered by Kuwait Airways to purchase and release a Boeing B777-300ER aircraft.

The leasing contract has a duration of 12 years, according to a bourse statement on Wednesday

According to the price list announced by Boeing for 2018, the aircraft is worth $361.5 million (KWD 110 million).

The financial impact will be registered in the income statements of Alafco starting from the fourth quarter of fiscal year ending on 30 September 2018, and will continue for twelve years.

Alafco clarified that the financial impact of this deal cannot be disclosed in the current time as it will affect the company’s competitiveness in the purchase and leasing market.

At the stock level, Alafco closed Wednesday’s session 1.68% higher at 364 fils.