Kuwaiti lessor ALAFCO hopes to complete its listing on the London stock exchange in the second quarter.
"We are seeking to list a 30% shareholding in the form of global depository notes," said Ahmad Alzabin, chairman and chief executive officer of the lessor, at the Aeroleasing aircraft and engine summit in Jakarta today.
The lessor has hired Deutsche Bank to manage the sale and "anticipates a listing by June 2014", he adds.
ALAFCO has chosen London as a secondary market in addition to Kuwait, where the lessor has been listed since 2006. Today, 53.69% of ALAFCO is owned by the Kuwait Finance House, 11.47% is owned by Kuwait Airways Corporation and the remainder is held by private investors.
The move should help ALAFCO “with trading and to bring in more capital", he says.
The lessor hopes to grow its leasing presence in Indonesia where 46% of the 574 passenger aircraft fleet is on lease.
“This is a threefold increase in the Indonesian fleet and more than a 12% increase in the leased fleet compared with 2000," he says. "We want to be part of this growth going forward as Indonesian airlines have 766 passenger aircraft on order."
ALAFCO has orders for 117 aircraft including 85 Airbus A320neos, 20 Boeing 737 Max jets and 12 Airbus A350s, with deliveries starting in 2017.
The lessor had an order for 22 Boeing 787-8s, “but all aircraft now have been placed”, says Alzabin.
The lessor transferred 14 units to Saudia and Oman Air, and the remaining “six to eight aircraft”, he says, “have been settled in an agreement with Boeing.”
“Boeing has placed the aircraft where they needed them,” he adds.
In 2013, ALAFCO added Indonesian carrier Garuda to its customer book with a sale and leaseback deal for two new Boeing 777-300ER aircraft.
The lessor agreed to acquire the aircraft from Garuda and lease them back to the airline for a period of 12 years.