China General Nuclear Power Cangnan Nuclear Power Co., Ltd. entered into a letter of intent to acquire 49% stake in Ortalyk LLP from joint stock company "National atomic company "Kazatomprom" (KAS:KZAP) on December 29, 2020. China General Nuclear Power Cangnan Nuclear Power Co., Ltd. agreed to acquire 49% stake in Ortalyk LLP from joint stock company "National atomic company "Kazatomprom" (KAS:KZAP) for $435 million on April 22, 2021. The third-party valuation for the transaction is underway. Post-closing, Kazatomprom will retain a 51% interest and China General Nuclear Power Cangnan Nuclear Power Co., Ltd. will own a 49% interest. The transaction is subject to corporate and governmental approvals.bThe Completion of the Acquisition shall be subject to the occurrence of(a) the execution and entering into force of the Further Cooperation Agreement (b) the execution and entering into force of the Long Term Fuel Assembly Contract under the Fuel Assembly Purchase Obligation (c) the execution and entering into force of the contract in relation to the Fuel Pellets Manufacturing Services Purchase Obligation d) the receipt by Kazatomprom of a record number assigned to the Sale and Purchase Agreement by the National Bank of Kazakhstan as required by the relevant currency control law of Kazakhstan e) the receipt by Kazatomprom of decision of its board of directors and shareholders in relation to the disposal (f) the receipt by Kazatomprom of the resolution of permission from the government of Kazakhstan regarding the transfer of the Target Interest (g) the receipt by CGNM UK of the approval of the Acquisition by each of its board of directors and the shareholders (h) the receipt by CGNM UK of the approval for entering into force of the Shareholders’ Agreement and the Constitutional Document by its board of directors (i) the receipt by CGNM UK of the approval by the Independent Shareholders (j) Kazatomprom having procured Ortalyk continue to conduct its business and to operate the Target Mines in the ordinary course and not to carry out other activities which will have a material adverse effect on the operations or assets of Ortalyk from the Valuation Date to the Completion Date (k) there having no encumbrances existing over any of the material properties or assets of Ortalyk which have material adverse effect on the operations or assets of Ortalyk. As of May 25, 2021, Board of Directors of China General Nuclear approved the transaction. As of July 12, 2021, Kazatomprom has received the resolution of permission from the government of Kazakhstan regarding the transfer of the target Interest. On July 22, 2021, CGNM UK and Kazatomprom signed the completion certificate of the acquisition and held a general meeting of Ortalyk on the same day to appoint members of the supervisory board nominated by CGNM UK and approve the Shareholders’ Agreement and the Constitutional Document. The transaction is expected to be completed by June 30, 2021. As of July 2, 2021 transaction is expected to complete on July 31, 2021. The proceeds from the transaction will be used to enhance our already strong environmental standards and some replacement capacity capital project. Gram Capital acted as financial advisor, PricewaterhouseCoopers acted as accountant, China Enterprise Appraisals Company Limited acted as valuer and BDO Limited acted as accountant for China General Nuclear Power. China General Nuclear Power Cangnan Nuclear Power Co., Ltd. completed the acquisition of 49% stake in Ortalyk LLP from joint stock company "National atomic company "Kazatomprom" (KAS:KZAP) on July 22, 2021.