BAE-Backed Air Astana Confirms London Listing for February
By Anthony O. Goriainoff
Air Astana said it expects to list on the London stock exchange in February, in a move set to include the sale of stock held by BAE Systems, and that it will raise $120 million to support its growth strategy.
The central Asia airline--which is backed by BAE Systems--also said it expects to list on the Kazakhstan stock exchange on or around Friday.
The offering would include the sale of shares and global depositary receipts, or GDRs, held by BAE Systems (Kazakhstan) and sovereign wealth fund Samruk-Kazyna, or SK.
In connection with the global offering, BAE intends to grant an overallotment option for up to 15% of the global offer GDRs.
The company said the final offer price, as well as the maximum number of GDRs and shares to be sold in the offering, will be determined via a bookbuild.
Air Astana operates a fleet of 49 aircraft, and carried around 6.0 million passengers over the first nine months of 2023.
"This is an important milestone in our long-term strategy and we look forward to welcoming new Kazakh and international investors as shareholders," the company said.
BAE Systems shares at 0802 GMT were up 3.50 pence, or 0.3%, at 1,182 pence.
Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com
(END) Dow Jones Newswires
January 19, 2024 03:19 ET (08:19 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
Six Sports Betting and iGaming Stocks Trading at a Discount
-
4 Predictions for Stocks and the Economy for the Second Half of 2024
-
What Broadening Rally? AI Stocks Dominate Again In Q2
-
After Earnings, Is Nike Stock a Buy, a Sell, or Fairly Valued?
-
Worst-Performing Stock ETFs of the Quarter
-
Top-Performing Stock ETFs of the Quarter
-
Q2 In Review and Q3 2024 Market Outlook
-
5 Stocks to Buy for 3Q 2024
-
Industrials: Sector Offers Investment Opportunities as Performance Lags Broader Market
-
Consumer Defensives: Even Amid Macro Pressures, Deals Permeate the Landscape
-
33 Undervalued Stocks
-
Utilities: Can the Stocks Keep the Rally Going?
-
Basic Materials: Following Index Decline, We See Many Long-Term Opportunities
-
Healthcare: Valuations Look Attractive In Most Industries
-
Financial Services: Amid Uncertainties, We See the Most Value In Banks and Credit Services
-
Consumer Cyclicals: Even With Anxiety Over Spending, We See Attractive Valuations