The agreement and related documents include an asset sale and purchase agreement for the sale of 53 aircraft from the company’s portfolio and all related documents, and a framework agreement regarding the transfer of the company’s order book purchase agreement with Boeing for 20 aircraft. "B737-BmAX" dated 20 October 2012 to the Purchaser and to the Agreement with Macquarie and all related documents.
Accordingly, the Board of Directors decided "Alafco" Inviting the company’s Ordinary General Assembly to convene at the company’s headquarters in accordance with the legally prescribed dates and procedures to consider approving the asset sale and purchase agreement, the framework agreement and all related documents referred to, taking into account the fair opinion regarding the agreement.
In the event that the company’s ordinary general assembly approves the offer, it is expected to be registered "Alafco" An increase in cash by $710 million, equivalent to 220 million Kuwaiti dinars, subject to change according to the currency exchange rate, after paying off the financing related to the sold aircraft and other costs associated with the deal.
In addition, the company will record losses in the amount of 61.4 million dollars, about 19 million Kuwaiti dinars, subject to change according to the rate of Currency exchangeIt is expected that the deal will be completed within 12 months starting from the signing only after obtaining the approval of the regulatory authorities in Kuwait and outside Kuwait and the General Assembly of the company.
And besides the losses and the rise criticism The transaction is expected to result in a decrease in the balance due to financial institutions by $1.5 billion, and a decrease in future capital commitments by $916 million.
It is possible that the Board of Directors will consider at a later meeting the possibility of repaying the unsecured financing from the surplus amount of the deal, and a possible recommendation to the General Assembly at a subsequent meeting of cash distributions to shareholders after paying the obligations.
It is noteworthy that Alafco Company for financing the purchase and leasing Planes It incurred losses in the first nine months ended June 30, 2022 of $76 million, up 642% from its level in the first nine months of the previous year of $10 million.
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And she said Alafco In a statement to the stock exchange Kuwait The offer includes 53 aircraft from the company’s portfolio, in addition to the transfer of the company’s order book purchase agreement with Boeing for twenty Boeing B737-8 MAX aircraft dated 2012.
The agreement and related documents include an asset sale and purchase agreement for the sale of 53 aircraft from the company’s portfolio and all related documents, and a framework agreement regarding the transfer of the company’s order book purchase agreement with Boeing for 20 B737-BmAX aircraft dated October 20, 2012 to the buyer and to be concluded with Macquarie and all related documents.
Accordingly, the Board of Directors of “ALAFCO” decided to invite the Ordinary General Assembly of the company to convene at the company’s headquarters in accordance with the legally prescribed dates and procedures to consider approving the asset sale and purchase agreement, the framework agreement and all related documents referred to, taking into account the fair opinion regarding the agreement.
In the event that the company’s ordinary general assembly approves the offer, ALAFCO is expected to record an increase in cash by $710 million, equivalent to 220 million Kuwaiti dinars, subject to change according to the currency exchange rate, after paying off the financing related to the sold aircraft and other costs associated with the deal.
In addition, the company will record losses in the amount of 61.4 million dollars, about 19 million Kuwaiti dinars, subject to change according to the rate of Currency exchangeIt is expected that the deal will be completed within 12 months starting from the signing only after obtaining the approval of the regulatory authorities in Kuwait and outside Kuwait and the General Assembly of the company.
And besides the losses and the rise criticism The transaction is expected to result in a decrease in the balance due to financial institutions by $1.5 billion, and a decrease in future capital commitments by $916 million.
It is possible that the Board of Directors will consider at a later meeting the possibility of repaying the unsecured financing from the surplus amount of the deal, and a possible recommendation to the General Assembly at a subsequent meeting of cash distributions to shareholders after paying the obligations.
It is noteworthy that Alafco Company for financing the purchase and leasing Planes It incurred losses in the first nine months ended June 30, 2022 of $76 million, up 642% from its level in the first nine months of the previous year of $10 million.