Kazakh national atomic company sells three subsidiaries

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ASTANA (TCA) — Kazakhstan’s national atomic company Kazatomprom on June 28 announced an e-auction for selling participatory interests in charter capitals of Kazatomprom-Sorbent LLP (51%), Kazperoxide LLP (50%), and Ulba Recreation Center LLP (100%).

Subsidiary and affiliated organizations are sold under the Business Transformation Program aimed at increasing the company’s value by its restructuring and withdrawal of non-core assets, Kazatomprom said.  

Advertisements have been published on the web portal of the State Property Register www.gosreestr.kz. The auction will take place in compliance with the Unified Rules for sale and restructuring of assets by Sovereign Wealth Fund Samruk-Kazyna and organizations where over 50% of voting shares (participatory interests) directly or indirectly belong to Samruk-Kazyna, on the right of ownership or under trust management, approved by the decision of the Board of Directors of Samruk-Kazyna and Rules for e-auction on property sale on the website of the State Property Register.

Kazatomprom is continuing optimization of its corporate structure and non-core assets withdrawal. In the period 2013-2016 the company reduced its subsidiaries by 29 units.

As a whole, subject to Kazatomprom’s Assets Restructuring Plan for 2015-2017, the company plans to decrease the number of subsidiary and affiliated organizations from 83 to 40. These measures will allow Kazatomprom focusing on its core activity, i.e. uranium mining and NFC stages development.

Kazatomprom is the national operator of Kazakhstan for import and export of uranium, rare metals, nuclear fuel for power plants, special equipment technologies and dual-purpose materials. Today, the company has more than 27,000 employees.

The sole shareholder of the company is Samruk-Kazyna.

Sergey Kwan

TCA