Published
04/06/2026, 16:09Open Joint-Stock Company “Airports of Kyrgyzstan” will conduct one of the largest secondary offerings on the market—the company will issue 47.94 million shares at a price of 424.07 KGS. The total amount raised will be approximately 20.33 billion KGS. The corresponding decision was approved at an extraordinary general meeting of shareholders on March 3.
As of the end of 2025, the company had 2,610 shareholders, of whom 2,586 were individuals and 22 were companies. At the same time, 89.7906% of the company’s shares are held by the state, represented by the State Agency for State Property Management (83.044%) and the Social Fund (6.7462%).
Given this, the main burden of the share buyback will obviously fall on the state. To maintain the current ownership structure, the State Agency for State Property Management must contribute approximately 16.9 billion KGS, and the Social Fund must contribute an additional 1.4 billion KGS.
Minority shareholders—including individuals and other companies—must invest approximately 2 billion KGS to prevent dilution of their stake. Of this amount, individuals must contribute 1.56 billion KGS.
It is worth noting that the number of minority shareholders in Kyrgyzstan Airports OJSC has grown significantly since 2018, by 246 shareholders (+239 individuals). At the same time, their share in the company has decreased. Thus, while the share of individuals remained at around 9.2% in 2018–2021, by 2025 it had fallen to 7.66%.
The new share offering will also take place via a private placement among existing shareholders registered as of February 27. Shareholders will be able to purchase shares in proportion to their ownership stake. Payment for the shares may be made in cash, property, or property rights with a monetary value.
Following the additional share offering, the share capital of OJSC “Airports of Kyrgyzstan” will increase to 33.7 billion KGS.
