Vietnamese Investor to Acquire Qazaq Air This Autumn

ASTANA – Kazakh Minister of Transport Marat Karabayev announced at a press conference following a July 9 government meeting that Qazaq Air’s sale to Vietnamese SOVICO Group is progressing, with one stage of the contract already signed and completion expected by the end of September, reported Kazinform.

Photo credit: Qazaq Air

Karabayev detailed that under the terms of the contract, Qazaq Air is required to settle all its debts, with the payment schedule yet to be finalized. Also, the acquiring company must register at least 20 aircraft for domestic and international operations in Kazakhstan.

“In total, the investor plans to attract not just 20, but up to 50 aircraft. For example, SCAT Airlines operates around 50 aircraft, while Air Astana has 54. The third player similar to them will appear on the market. This will undoubtedly have a positive impact on competition and ticket prices,” he said.

The minister reminded that negotiations are conducted by the Samruk Kazyna Sovereign Wealth Fund, with the contract estimated to be valued at around two billion tenge (US$4.1 million), pending final confirmation.

Earlier, President Kassym-Jomart Tokayev welcomed the privatization of Qazaq Air airline by the Vietnamese SOVICO Group.

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