(MENAFN- Kuwait News Agency (KUNA) The Gulf Investment Corporation (GIC) has joined ALAFCO Aviation Lease and Finance Company (KSCC) as a strategic partner with KD 30 million, about 16 percent of the latter's shares.
(KD 1=USD 3.28).
Vice Chairman and CEO of ALAFACO Ahmad Alzabin made the announcement during the company's general assembly on Thursday, with attendance of 89 percent of shareholders, ALAFACO said in a statement on Saturday.
ALAFACO's fiscal year ends on 30 September.
Alzabin noted that the GIC's investment would give an impetus to ALAFACO to consolidate its status in the sector and achieve future plans through contributions in several projects and companies covering vital sectors like financial services.
ALAFACO earned a net profit of KD 16 million for the fiscal year ended 30 September 2015. This translates into Earnings Per Share of 19.6 fils, Alzabin said.
Shareholders' equity increased 11 percent to KD 219 million and total assets amounted to KD 704 million.
Headquartered in Kuwait, ALAFACO is a global aircraft leasing company. The company was founded in 1992 by Kuwait Airways Corporation (KAC) and acquired by Kuwait Finance House (KFH) in 1999.
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