Kazakh wealth fund sold 51% of Qazaq Air to Vietnam's VietJet Air for $2 mln - report

ASTANA. Dec 18 (Interfax) - A 51% stake in Kazakhstan's Qazaq Air was sold to Vietnam's VietJet Air for 1.02 billion tenge or $1.98 million at the current rate, Sovereign Wealth Fund Samruk-Kazyna said in a financial report.

"On May 6, 2025, the Group completed the sale and purchase of a 49% stake in Qazaq Air JSC to Central Asia Aviation Holdings Limited and a 2% stake to Kazasia Holdings Limited." The sale price of the 51% stake in Qazaq Air was 1.02 billion tenge, according to the financial statement, published on the Kazakhstan Stock Exchange (KASE) website.

As a result of the transaction, control over Qazaq Air was lost, but the fund retained significant influence and, accordingly, recognized the investment in the associated company at fair value, according to the financial statement.

In January 2025, Samruk Kazyna signed a share purchase agreement for its subsidiary airline Qazaq Air with a consortium of investors comprising Central Asia Aviation Holdings Limited (part of Sovico Group) and Kazasia Holdings Limited. The deal was for the sale of 51% of shares with an option for the state fund to sell the other 49% in the next five years.

The agreement also stipulates the mandatory paying off of Qazaq Air's debt, estimated at 38 billion tenge.

Sovico committed to purchasing at least 20 Airbus and Boeing aircraft for Qazaq Air within five years, with a target of up to 50 planes. Direct investments are projected to exceed $1 billion.

Qazaq Air, established in 2015, holds around 7% of the country's aviation market. Qazaq Air carried more than 800,000 passengers in 2024.

Sovico Group is one of Vietnam's largest diversified conglomerates, operating in energy, construction, banking, finance and the aviation industry. The group and its affiliates is the main shareholder in Vietjet Air.

Kazasia Holdings Limited, a Kazakh company, was selected by JSC Sovico Group as a partner for the joint management of Qazaq Air.