The State Property Management Fund of Kyrgyzstan's (SPMFK) has suspended plans to sell a 49% stake in Air Kyrgyzstan (Bishkek) as no firms have expressed any interest in the sale.

The Tazabek news wire says that following the tender's failure, the government agency has yet to redraft a second RFP fearing a repeat.

Earlier this year, the SPMFK said that as part of the agreement, any prospective strategic partner would have to upgrade and expand the Kyrgyz national carrier's fleet with at least five aircraft to be delivered within five years of the signing of a firm agreement.

In addition, it would also have to absorb the airline's USD2.4 million debt overhang while recapitalizing it to the tune of USD1 million.

Earlier this month, the SPMFK called in the airline's management to explain the significant drop in earnings for the first nine months of the current financial year - USD32,200 against USD644,000 for the same period last year.