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.