British shareholder to sell half of its remaining shares in Air Astana

Image: BAE Systems

British defense contractor BAE Systems has announced its decision to sell half of its stake in Kazakhstan’s largest carrier, Air Astana. The company has offered 8% out of its current 16.95% shareholding to eligible institutional investors in the form of Global Depositary Receipts (GDRs).

In 2001, the British company became a co-founder of Air Astana, which was established as its joint venture with the Government of Kazakhstan. The British firm’s initial investment of $8.5 million was part of a planned deal to sell radars to Kazakhstan. While the radar deal fell through, BAE Systems maintained its interest in Air Astana, and its total investment in the project grew to £63 million (over $84 million) by 2023.

This is not the first step by BAE Systems to reduce its stake in the airline. During the IPO in 2024, BAE Systems cut its holding from 49% to 16.95% but continued to support the carrier and retain a seat on its board. Air Astana acknowledged that the airline is no longer a core asset for BAE Systems within the context of the British defense group’s broader operations.

“We look forward to welcoming new shareholders to the Group at this exciting point in our development,” the carrier said in an official announcement.

Following the sale of the British investor’s shares, the sovereign wealth fund Samruk-Kazyna will remain the largest shareholder of Air Astana with a 41% stake.

BAE Systems’ exit from the capital coincides with a change in the airline’s leadership. In October this year, it was announced that Peter Foster, who has served as CEO since 2005, will hand over his duties to the current Chief Financial Officer, Ibrahim Canliel, in March 2026.