17th Dec 2025 13:30
(Alliance News) - BAE Systems PLC on Wednesday confirmed the completion of the placing of shares it owned in Air Astana JSC, selling a bigger part of its stake than planned.
After the London market close on Tuesday, BAE said it planned to nearly halve its holding in Air Astana, as the Kazakhstan-based airline at the same time acknowledged that its shares were no longer a core holding for the London-based defence contractor.
BAE on Tuesday said it planned to sell global depositary receipts representing about an 8% stake in Air Astana. This would have been just under half the 16.95% stake it had held since Air Astana's listing in London in February 2024. Air Astana had been formed in 2001 as a joint venture between BAE and the Kazakhstan government, with BAE holding 49% at the time.
On Wednesday, BAE confirmed the share placing resulted in the sale of 9.0 million GDRs, about a 10.1% stake, leaving BAE with 6.1 million, a 6.9% remaining holding.
The placing was a USD5.80 per GDR, meaning it raised USD52.2 million gross. The placing was done through an accelerated bookbuild run by Jefferies International Ltd and Wood & Co Financial Services as.
In a statement on Tuesday, Air Astana said BAE 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 noted that the sale will have the benefit of increase the free float of its shares.
Shares in BAE Systems were up 1.3% to 1,686.00 pence each in London on Wednesday. Air Astana shares were quoted at EUR5.00 in Frankfurt.
By Jeremy Cutler, Alliance News reporter; updated by Tom Waite, editor
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