Kazakhstan puts Qazaq Air up for auction, starting price $22 mln

ASTANA. Aug 18 (Interfax) - Kazakh state fund Samruk-Kazyna put from 49% to 100% of the shares of Qazaq Air up for auction, the air carrier said.

The starting price is 10.2 billion tenge, or $22 million at the current exchange rate. To participate in the auction, to be held in two stages, potential buyers need to put up a deposit of 173 million tenge. Applications end on September 28, and the results will be announced on December 15.

"Attracting a private investor is aimed at creating new opportunities for the development of the Kazakhstani air transportation market, including expanding the geography of Qazaq Air flights and increasing the fleet," the airline said in a statement.

The hub for the carrier is the airport of the capital of Kazakhstan - Astana.

Qazaq Air is included in the Samruk-Kazyna state fund's privatization plan for 2023.

Qazaq Air was established in 2015, 100% of the shares are owned by the Samruk-Kazyna state fund. The airline's fleet consists of five Bombardier DHC-8-Q400NG aircraft. In 2022, the airline's revenue totaled 20.4 billion tenge, with EBITDA of 3.9 billion tenge. Qazaq Air has a 7% share of the Kazakhstan air travel market.