VANCOUVER (miningweekly.com) – The National Atomic Company of the Republic of Kazakhstan (Kazatomprom) has recorded a profit of $85-million after it sold its 10% stake in US-based Westinghouse Electric Company, which filed for Chapter 11 bankruptcy protection in March.
Kazatomprom has exercised its rights under a put option with Toshiba, from which it acquired the shares in 2007, for $540-million. Under terms of the put option agreement deal, Kazatomprom had the right to sell its shares back to Toshiba at a fixed price of $522-million.
Combined with dividends received during its ownership of Westinghouse shares of $103-million, the total return on Kazatomprom’s invested funds amounts to $625-million.