The Kyrgyz government will offer for sale a 49% stake in flag carrier Air Kyrgyzstan in a tender to be held on September 6. The stake is valued at KGS188.9mn (€2.42mn), the country’s State Property Management Fund said in a statement on June 8.
The sale is part of the government's privatisation programme for 2015-2017, which also envisages selling shares in the National Energy Holding Company. Under the terms of the tender, the buyer will be obliged to renew and expand Air Kyrgyzstan's fleet buying at least five aircraft within five years. The aircraft, not to be older than 20 years, must comply with the requirements of the International Civil Aviation Organisation (ICAO) and the aviation regulations of the country.
The winner of the tender will also be required to invest at least $1mn into the development of the company and settle Air Kyrgyzstan’s debts of KGS165mn. These obligations will need to be carried out within 12 months of acquiring the shares.
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