Finance
Bae Systems to Sell Remaining Stake in Kazakhstan's Air Astana
Published by Global Banking & Finance Review®
Posted on March 19, 2026
2 min readLast updated: March 19, 2026
Quick Summary
BAE Systems is selling its remaining stake in Air Astana—the British defence firm has launched an accelerated bookbuild to offload about 6.1 million GDRs following earlier disposal, further reducing its shareholding and increasing Air Astana’s free float.
BAE Systems to exit Kazakhstan's Air Astana
BAE Systems' Stake Sale and Background
Announcement of Stake Sale
March 19 (Reuters) - British defence contractor BAE Systems will sell its remaining stake in Kazakhstan's Air Astana, the Kazakh company said on Thursday.
Details of BAE's Holdings
Current and Previous Stakes
BAE owns about 6.9% stake, worth about $31 million based on the placing price of $5.10 per global depositary receipt, in the carrier. In December 2025, it had disposed of a 10.1% stake.
Air Astana's Statement
"We recognise that Air Astana was no longer a core holding in the context of their (BAE Systems') wider operations and we look forward to welcoming new shareholders to the group at this exciting point in our development," Air Astana said in a statement. It did not disclose when the stake will be sold.
Background of BAE's Investment
Initial Investment and Strategic Context
BAE, focused on fighter jets and submarines, invested under $10 million in 2001 to back Air Astana’s launch, at a time when it was pursuing a radar systems deal in Kazakhstan.
Secondary Offering Details
Bookrunner's Announcement
On Wednesday, a bookrunner said a subsidiary of BAE would sell 6.1 million global depository receipts in Air Astana as part of a secondary offering.
Reporting Credits
(Reporting by Rishab Shaju in Bengaluru; Editing by Mrigank Dhaniwala and Harikrishnan Nair)
Key Takeaways
- •BAE Systems previously cut its Air Astana stake from 49% to around 16.95% at the 2024 IPO, and has now reduced it further via an accelerated bookbuild sale of approximately 6.1 million GDRs (tradingview.com)
- •Following the December 2025 disposal of 9 million GDRs (~10.1%), BAE retained about 6.1 million GDRs (approximately 6.9%)—the latest sale represents continuation of exiting a legacy, non-core holding (ir.airastana.com)
- •The transactions have significantly increased Air Astana’s free float, broadened its investor base, and reflect BAE’s strategic shift away from legacy non-defence assets while the airline continues executing a growth strategy via fleet expansion and capital market engagement (investing.com)
References
Frequently Asked Questions about BAE Systems to sell remaining stake in Kazakhstan's Air Astana
1What company is selling its remaining stake in Air Astana?
BAE Systems, Britain's biggest defence contractor, is selling its remaining stake in Air Astana.
2How many global depository receipts will be sold as part of the secondary offering?
A subsidiary of BAE Systems will sell 6.1 million global depository receipts in Air Astana.
3When was the sale of Air Astana shares announced?
Air Astana announced the sale on Thursday, March 19.
4Who reported the sale of BAE Systems' stake in Air Astana?
The news was reported by Rishab Shaju in Bengaluru and edited by Mrigank Dhaniwala.