Tuesday, 02 January 2024 12:17 GMT

Jazeera unit sells 15 Airbuses for 507m


(MENAFN- Arab News) KUWAIT CITY: Kuwait's low-cost Jazeera Airways said its wholly owned Sahaab Aircraft Leasing subsidiary has sold 15 Airbus A320s for $507 million (430 million euros) to an international joint venture.The buyers are South Africa-based Investec Bank and Chow Tai Fook Enterprises Ltd. headquartered in Hong Kong Jazeera said.Jazeera said the deal will 'transform it into an asset-light debt-free company and enable it to further grow its profitable airline business.'The deal whose proceeds will be reflecting in fourth-quarter results will result in a cash surplus of $80 million and boost Jazeera's cash balance to $280 million in 2015 the statement said.The no-frills company which began operations in 2005 has flies to about 20 destinations in the Middle East and Asia.

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