Press Release on Kazatomprom Completion of the Transaction with Toshiba

National Atomic Company Kazatomprom (Kazakhstan), one of the world’s leading uranium mining companies, announced today that it has closed a transaction with Japan’s Toshiba Corporation, under which it has acquired a 10% stake in the holding companies for Westinghouse Electric Company LLC. The acquisition was made within the framework of the strategic alliance between Kazatomprom and Toshiba, and the purchase was funded by Kazatomprom’s from its own resources.

Effective from October 1, 2007, Kazatomprom has become one of the indirect minority owners of  Westinghouse Electric nuclear business.

Toshiba still retains control over Westinghouse’s nuclear business through its  67% stake in the US and UK holding companies. The other ownserhip partners are Shaw Group Inc., a major US engineering company, which holds 20%, and IHI, a leading Japanese heavy machinery maker, which holds 3%. 

As reported earlier Kazatomprom has established strategic partnership with Toshiba and defined and agreed on various  areas for potential cooperation. By welcoming Kazatomprom as a minority investor, Toshiba aims to enhance its global nuclear power business. Kazatomprom through this deal plans to enter new export markets for its products. Kazatomprom and Toshiba have a shared recognition of the importance of combating global warming through development of nuclear energy. The alliance of Kazatomprom, Toshiba, and Westinghouse will contribute to achieving this end on a global basis.
 

• KAZATOMPROM is the national organization of the Republic of Kazakhstan on export and import of uranium and other dual-purpose materials.  100% of shares belong to the Government represented by the Ministry of Energy and Mineral Resources of the Republic of Kazakhstan. Kazatomprom represents a holding company with the following six maijor activities: geology exploration, uranium mining, metallurgy, energy, research and development, personnel training and social support. At present the Company accounts more than 22 000 of permanent staff.
• TOSHIBA is a world leader and innovator in pioneering high technology, a diversified manufacturer and marketer of advanced electronic and electrical products spanning information & communications equipment and systems; digital consumer products; electronic devices and components; power systems, including nuclear energy; industrial and social infrastructure systems; and home appliances. Toshiba was founded in 1875, and today operates a global network of more than 670 companies, with over 191,000 employees worldwide and annual sales surpassing US$60 billion. Visit Toshiba's web site at www.toshiba.co.jp/index.htm