Kazakh Air Astana share deal to People's IPO on hold
Azerbaijan, Baku, Dec. 13 / Trend E. Kosolapova, D. Mukhtarov /
The decision on the introduction of Kazakh airline Air Astana's shares to People's IPO is pending, the Kazakh National Welfare Fund Samruk-Kazyna told Trend.
'The decision on the timing of the shares' introduction to the IPO will be reviewed no earlier than 2013 following negotiations with the second shareholder, BAE Systems', Samruk Kazyna said.
Samruk Kazyna has a 51 per cent stake in the national airline Air Astana. The second shareholder is British BAE Systems owning the remaining 49 per cent stake.
Earlier, Samruk Kazyna negotiated with BAE Systems on the redemption of its stake in the airline, as the Kazakh side did not want to reduce its own stake in the company below the reference level which will happen if part of the shares is sold within the IPO.
However, in November, the deputy chairman of the Samruk-Kazyna board, Kuandyk Bishimbayev said that the talks with BAE Systems have been halted and the company's introduction to the IPO can be cancelled.
The People's IPO programme will allow Kazakh citizens to become co-owners of one of the nation's largest companies. The programme's implementation is scheduled for 2012-2015.