Kuwait invests $600 million in Areva

14 December 2010

Areva's supervisory board under chairman Jean-Cyril Spinetta, has approved the launch of a reserved capital increase of 900 million euros, representing 7.2% of its share capital at the completion of the transaction.

The increases have been funded by: the Kuwait Investment Authority (KIA), acting on behalf of the State of Kuwait, in the amount of 600 million euros. The French state has contributed 300 million euros.

The increase will be followed by a capital increase reserved for investment certificate holders. The group confirmed its intention of initiating an offer reserved for employees as soon as the ordinary shares are listed.

The company said that these transactions will enable the group to strengthen its equity and pursue its development plan with a reinforced capital structure.

During the discussions held with KIA, the group indicated its outlook for 2012:

-revenue of 12 billion euros ;

-double-digit operating margin ;

-significantly positive free operating cash flow.

It is the second large Kuwaiti investment in nuclear power. The country has also provided $10 million to the IAEA LEU fuel bank. Ahmad Bishara, secretary general of Kuwait's National Nuclear Energy Committee, said that the country would announce plans to build four nuclear reactors over the next decade or so, according to media reports.

Kuwait signed an agreement to develop civil nuclear power with France in April.

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