16th Dec 2025 19:59
(Alliance News) - BAE Systems on Tuesday said it plans to nearly halve its holding in Kazakhstan airline, Air Astana JSC.
The London-based defence contractor which currently holds about 16.95% stake in Air Astana, is selling global depository receipts representing about 8% of the company's outstanding common shares.
The sale will be by way of an accelerated bookbuild process and will be made available to eligible institutional investors.
Jefferies International Ltd is acting as sole global coordinator and joint bookrunner, and Wood & Co Financial Services as joint bookrunner.
BAE Systems took a 49% stake in Air Astana when it was founded in 2001 and reduced its stake last year after the airlines triple listing on the London Stock Exchange, Kazakhstan Stock Exchange and Astana International Exchange.
In a statement, Air Astana noted BAE Systems has been a "key partner" since inception.
"We recognise that Air Astana was no longer a core holding in the context of BAE Systems' wider operations and we look forward to welcoming new shareholders to the Group at this exciting point in our development," Air Astana added.
Shares in BAE Systems fell 2.4% to 1,653.00 pence each in London on Tuesday.
By Jeremy Cutler, Alliance News reporter
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