Qazaq Air's stake acquisition by a Vietnamese firm: "Samruk-Kazyna" announced the conclusion of negotiations.

"I would like to inform you regarding the deal with the Vietnamese investor Sovico: as of today, key negotiations to define the terms of the sale of a stake in Qazaq Air have been completed.

On December 20 of this year, the main conditions were approved during a meeting of the state commission on economic modernization. We expect a positive decision from the board of directors of "Samruk-Kazyna" and the government regarding this deal by the end of the year.

It is important to note that two requirements are set for the Vietnamese investor. The first is to ensure the repayment of a loan amounting to 38.4 billion tenge by the end of 2044, as well as to secure the acquisition of 20 aircraft manufactured by Boeing or Airbus within five years, with the possibility of extending this period by two years at the investor's discretion.

To meet these requirements, the Vietnamese company Sovico is ready to provide a guarantee. Overall, we believe that these requirements will positively impact the development of civil aviation in Kazakhstan and will have a beneficial effect on related sectors such as logistics, tourism, and trade, especially with the launch of additional flights, including international routes," - stated Elzhas Otynshev, co-managing director for strategy and asset management and member of the board of JSC "Sovereign Wealth Fund "Samruk-Kazyna".

Recall that in August of last year, the airline Qazaq Air was put up for privatization - the "Samruk-Kazyna" fund announced the sale of the company's shares. The initial and minimum price of the shares was set at 10 billion 200 million tenge.

However, in November, the competition was declared unsuccessful. At that time, it was revealed that a Vietnamese low-cost carrier might purchase the airline.

In December, the transfer of the airline was discussed again at a government meeting. In January of this year, "Samruk-Kazyna" once again announced the start of a competition for the sale of shares in Qazaq Air.

In February, the managing director for development and privatization of "Samruk-Kazyna", Saltanat Satjan, explained in the Senate's corridors why previous attempts to sell Qazaq Air were unsuccessful.

In May, President Kassym-Jomart Tokayev commented on the purchase of Qazaq Air by the Vietnamese company.

In November, details of the purchase of Qazaq Air by the Vietnamese carrier were announced by the Ministry of Transport. Vice-Minister Talgat Lastaev stated that the deal would be closed by the end of the year.