Dec 16 (Reuters) - Britain's BAE Systems said on Tuesday it will cut its stake in Kazakh carrier Air Astana by nearly half. The aircraft maker, which currently holds about 16.95% stake in Air Astana,
BAE Systems Cuts Stake in Air Astana by Nearly Half
Dec 16 (Reuters) - Britain's BAE Systems said on Tuesday it will cut its stake in Kazakh carrier Air Astana by nearly half.
The aircraft maker, which currently holds about 16.95% stake in Air Astana, is selling global depository receipts representing about 8% of the company's outstanding common shares.
BAE, whose main business is making fighter jets and submarines, invested less than $10 million in 2001 to help fund Air Astana's launch at a time when it was bidding to sell a radar system to Kazakhstan.
The company reduced its stake in Air Astana from 49% last year after it floated its dual IPO in London and Kazakhstan.
Following the latest sale, BAE Systems is expected to maintain its position as the second-largest shareholder in Air Astana, according to LSEG data.
(Reporting by Unnamalai L in Bengaluru; Editing by Shailesh Kuber and Shinjini Ganguli)
