BAE Systems to exit Air Astana as sells remaining 6.9% stake

(Alliance News) - BAE Systems PLC is to sell a roughly USD30 million stake in Air Astana JSC, exiting the Almaty, Kazakhstan-based firm it co-founded.

An announcement on Wednesday said the aerospace and defence company is to sell 6.1 million Air Astana global depositary receipts, which each represent four shares. These GDRs make up 6.9% of Air Astana's shares, BAE's entire remaining holding in the firm.

According to Jefferies International Ltd, the joint-bookrunner of the transaction alongside Wood & Co Financial Services as, the sale is being made to a "limited number of institutional investors" at a price of USD5.10 per GDR, USD31.2 million in total.

"Following the placing, the selling shareholder will no longer hold any GDRs or shares in the company," the statement on Wednesday said.

Air Astana on Thursday noted the announcement.

"We recognise that Air Astana was no longer a core holding in the context of their wider operations and we look forward to welcoming new shareholders to the group at this exciting point in our development. We also note the increase to our free float as a function of the sale," the Almaty-based firm said.

In December, BAE Systems sold 9.0 million Air Astana GDRs, around a 10% chunk of the company. The placing was at USD5.80 per GDR, meaning it raised USD52.2 million gross.

Air Astana was founded as a joint-venture between BAE and the Kazakhstan state back in 2001.

Air Astana listed GDRs in London back in February 2024.

BAE Systems shares fell 0.3% to 2,323.00 pence each in London on Thursday morning.

By Eric Cunha, Alliance News news editor

Comments and questions to newsroom@alliancenews.com

Copyright 2026 Alliance News Ltd. All Rights Reserved.

BAE Systems