BAE Systems in line for potential windfall from Kazakhstan airline flotation

Air Astana, which is 49% owned by the British defence firm, announces plans to float on London stock market

Kazakhstan's national airline has announced plans to float on the London stock market, bringing a potential windfall to BAE Systems, which has been an investor for more than two decades.

Air Astana, which is 49% owned by the British defence company, hopes to list in London and Kazakhstan and raise $120m (94m). The airline, which is majority owned by the Kazakh sovereign wealth fund, did not say how much of the company would be floated and is yet to confirm an expected valuation range.