Samruk-Kazyna announces signing of sale and purchase agreement of Qazaq Air

On December 24, 2024, as part of the transfer of Qazaq Air JSC into a competitive environment, Samruk-Kazyna JSC, an US$ 81 billion (as at the end of 2023) sovereign wealth fund of Kazakhstan (the Fund) signed a package of binding transactional documents, with a consortium comprising Central Asia Aviation Holdings Limited (a subsidiary of the Vietnamese conglomerate Sovico Group JSC) and private company Kazasia Holdings Limited, including a Sale and Purchase Agreement, the Fund’s press service reports.

The signing is completed in the framework of implementation of the Decree of the Government of the Republic of Kazakhstan “On Certain Issues of Privatization for 2021–2025” dated December 29, 2020, No. 908, and in full compliance with the decisions of the State Commission on Economic Modernization (dated December 20, 2024) and the Fund’s Board of Directors (dated December 24, 2024). The Sale and Purchase Agreement officially came into effect on December 27, 2024, following the adoption of the Decree of the Government of the Republic of Kazakhstan, "On Certain Issues of the Transfer of the Shares of QAZAQ AIR JSC to a Competitive Environment" No. 1130, reads the statement.

Once all agreed condition precedents are met, the ownership of the shares will be transferred to the investors and the transaction will be closed.

The primary goal of this transaction is to advance the domestic civil aviation market by increasing competition, expanding international flight routes to and from Kazakhstan, creating new job positions, and many other related goals. The deal is expected to have a positive impact on related sectors such as logistics, trade, tourism, and more.

Earlier, QAZAQ AIR temporarily suspended Astana - Yekaterinburg flights.