ASTANA, Kazakhstan, December 23. Vietnamese SOVICO will pay off Qazaq Air's (a Kazakh airline) debts by 2044, said Yelzhas Otynshiev, Co-Managing Director of Strategy and Asset Management at Samruk Kazyna, during a government hour, Trend reports.
According to the representative of the national company, on December 20, 2024, the state commission for economic modernization approved the main terms of the deal for the sale of a stake in Kazakhstan. The deal includes requirements for the investor (Sovico) related to the development of civil aviation and the fulfillment of financial obligations.
Under the terms, the investor is committed to ensuring the repayment of a loan of 38.4 billion tenge ($73.2 million) by the end of 2044; purchasing 20 aircraft from Boeing or Airbus within five years, with an option to extend the deadline by two years.
Sovico has already confirmed its willingness to provide guarantees to fulfill these conditions.
"Overall, we believe that these requirements will positively impact the development of Kazakhstan's civil aviation and have a positive effect on related industries such as logistics, tourism, and trade, especially through the launch of additional flights, including international routes," said Yelzhas Otynshiev.
The board of directors of Samruk-Kazyna and the government anticipate final approval of the deal by the end of the year.
To note, in May 2024, a binding agreement was signed regarding the terms of acquiring Qazaq Air between Samruk-Kazyna and Aviation Holdings Company, which is part of the Vietnamese holding Sovico Group.
