On February 9, 2024, Air Astana Group, the parent company of Kazakhstan’s flag carrier Air Astana and its low-cost subsidiary FlyArystan, made its long-anticipated debut on the London Stock Exchange (LSE).
Until today, ownership of the airline was split between the government of Kazakhstan, which owned 51% of its shares through the country’s sovereign fund ‘Samruk-Kazyna’, and British aerospace and defense conglomerate BAE Systems, which owned the remaining 49%.
In addition to floating its Global Depository Receipts (GDRs) in London, Air Astana will also be listing its shares on two other exchanges in its home country, the Kazakhstan Stock Exchange and the Astana International Exchange, later this month.
The stake floated in the markets is worth some US$350-370 million, of which $120 million corresponds to newly raised capital, while the rest is divestment by the two current shareholders.
Air Astana, which currently operates 50 aircraft, plans to use these funds to fuel further growth. By 2080, it intends to increase the number of aircraft in its fleet to 80, as well as expanding its geographical footprint.
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