BAE-Backed Air Astana Confirms London Listing for February

By Anthony O. Goriainoff

Air Astana said it expects to list on the London stock exchange in February, in a move set to include the sale of stock held by BAE Systems, and that it will raise $120 million to support its growth strategy.

The central Asia airline--which is backed by BAE Systems--also said it expects to list on the Kazakhstan stock exchange on or around Friday.

The offering would include the sale of shares and global depositary receipts, or GDRs, held by BAE Systems (Kazakhstan) and sovereign wealth fund Samruk-Kazyna, or SK.

In connection with the global offering, BAE intends to grant an overallotment option for up to 15% of the global offer GDRs.

The company said the final offer price, as well as the maximum number of GDRs and shares to be sold in the offering, will be determined via a bookbuild.

Air Astana operates a fleet of 49 aircraft, and carried around 6.0 million passengers over the first nine months of 2023.

"This is an important milestone in our long-term strategy and we look forward to welcoming new Kazakh and international investors as shareholders," the company said.

BAE Systems shares at 0802 GMT were up 3.50 pence, or 0.3%, at 1,182 pence.

Write to Anthony O. Goriainoff at [e-mail]

(END) Dow Jones Newswires

January 19, 2024 03:19 ET (08:19 GMT)

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