ASTANA, Kazakhstan, May 23. Kazakhstan's Samruk-Kazyna (Sovereign Wealth Fund) has announced the sale of up to a 100 percent stake in 'Qazaq Air' Airlines to Vietnam’s Aviation Holdings Company, Trend reports.
According to Samruk-Kazyna, the signing of the purchase agreement and the closing of the deal are expected soon. The investor has committed to expanding Qazaq Air's fleet by 20 aircraft within five years of the deal’s closing, focusing on Boeing 737-Max8 and Airbus A320 and 321 models.
According to Nurlan Zhakupov, Chairman of the Board of Samruk-Kazyna, this move will attract direct foreign investment into the country.
Aviation Holdings Company, part of Vietnam's Sovico Group, a major diversified conglomerate in aviation, energy, construction, and finance, is behind the investment. The participation of an international player with significant aviation expertise is set to boost Kazakhstan's civil aviation market, enhance competition, increase international flights to and from Kazakhstan, and create jobs. This development is also expected to benefit related sectors such as logistics, trade, and tourism.
Qazaq Air, a company established by Samruk-Kazyna, operates out of Astana Airport. The airline was established to improve the safety and accessibility of interregional air travel in Kazakhstan and neighboring areas. The sale of up to 100 percent of Qazaq Air's shares to a foreign investor will comply with Kazakhstan's airspace and aviation regulations.