Kuwait's Aviation Lease and Finance Co (Alafco) said on Sunday it had agreed to buy seven A320-200 aircraft from European planemaker Airbus.
The list price of the aircraft was $420 million (201 million pounds), Alafco said in a statement on the Kuwait stock exchange Web site.
Alafco, lost in August a $3 billion initial contract to sell 19 Airbus and Boeing passenger planes to state-owned Kuwait Airways because the Kuwait government refused to approve funding.
The firm will partly finance the deal, with additional funds from external sources, it said.
The firm had agreed to lease the seven planes to Pakistan International Airlines (PIA) for 10 years as of 2009, when it takes delivery of the aircraft, it said in the statement. ( Reuters )