Kazatomprom seeks to sell 50% of shares to Russia AKIPRESS.COM - JSC National Atomic Company "Kazatomprom" ("Kazatomprom") announces its intention to sell its 50% interest (minus one (1) share) in the Uranium Enrichment Center JSC ("UEC") to its partner in the joint venture, TVEL Fuel Company ("TVEL"), for RUB6.253 billion (approximately US$100 million), the company reported.
The value of the Company's interest in UEC is based on an independent fair market valuation carried out by a major global advisory firm. Kazatomprom is planning to retain one (1) share in UEC, which will preserve the Company's rights to access uranium enrichment services under the conditions previously agreed upon with TVEL.
UEC is a joint Kazakhstan-Russian enterprise established in 2006 as part of the implementation of the Comprehensive Program of Kazakhstan-Russia Cooperation in the Peaceful Use of Atomic Energy. It owns 25% (plus 1 share) of the Ural Electrochemical Integrated Plant JSC in Novouralsk, Sverdlovsk region of Russia.
UEC was the first company with foreign-ownership to have an...