<div id="readability-page-1"><div>(Alliance News) - BAE Systems PLC on Wednesday confirmed the completion of the placing of shares it owned in Air Astana JSC, selling a bigger part of its stake than planned.After the London market close on Tuesday, BAE said it planned to nearly halve its holding in Air Astana, as the Kazakhstan-based airline at the same time acknowledged that its shares were no longer a core holding for the London-based defence contractor.BAE on Tuesday said it planned to sell global depositary receipts representing about an 8% stake in Air Astana. This would have been just under half the 16.95% stake it had held since Air Astana's listing in London in February 2024. Air Astana had been formed in 2001 as a joint venture between BAE and the Kazakhstan government, with BAE holding 49% at the time.On Wednesday, BAE confirmed the share placing resulted in the sale of 9.0 million GDRs, about a 10.1% stake, leaving BAE with 6.1 million, a 6.9% remaining holding. The placing was a USD5.80 per GDR, meaning it raised USD52.2 million gross. The placing was done through an accelerated bookbuild run by Jefferies International Ltd and Wood &amp; Co Financial Services as.In a statement on Tuesday, Air Astana said BAE has been a &#34;key partner&#34; since inception. &#34;We recognise that Air Astana was no longer a core holding in the context of BAE Systems' wider operations and we look forward to welcoming new shareholders to the group at this exciting point in our development.&#34; Air Astana noted that the sale will have the benefit of increase the free float of its shares.Shares in BAE Systems were up 1.3% to 1,686.00 pence each in London on Wednesday. Air Astana shares were quoted at EUR5.00 in Frankfurt.By Jeremy Cutler, Alliance News reporter; updated by Tom Waite, editorComments and questions to newsroom@alliancenews.comCopyright 2025 Alliance News Ltd. All Rights Reserved.</div></div>

BAE Systems sold a larger-than-expected stake in Air Astana, reducing its holding from 16.95% to 6.9%. The sale of 9 million GDRs at USD5.80 each raised USD52.2 million. This move increases Air Astana's free float and aligns with BAE's strategy, as Air Astana is no longer a core holding. BAE's shares rose 1.3% following the sale.

BAE Systems sells larger-than-expected stake in Air Astana