Surprising valuation of Qazaq Air airline recently acquired by billionaire Nguyen Thi Phuong Thao’s group

Samruk-Kazyna Fund is selling Qazaq Air shares, with a starting price of 10.2 billion KZT (20 million USD) for 100% shares. After several delays, in December 2024, the deal was finalized with a group of investors, including Central Asia Aviation Holdings Limited (under Sovico) and Kazasia Holdings Limited. The fund plans to sell the remaining 49% in the next five years. Vietjet received an investment certificate as a shareholder in Qazaq Air to develop Vietjet Qazaqstan airline, planning to operate at least 20 Boeing 737 aircraft. The airline transported 588,407 passengers in 2023 but reported a revenue decline and a loss of 7.6 billion KZT. Qazaq Air’s assets reached 31.3 billion KZT, and debts were 40.9 billion KZT.