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Kazatomprom books US$85M profit on Westinghouse stake sale

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Kazatomprom books US$85M profit on Westinghouse stake sale

National Atomic Co. Kazatomprom JSC sold its 10% stake in Westinghouse Electric Co. to Toshiba Corp., recording a profit of US$85 million on the initial investment of US$540 million.

The Kazakhstan's state-owned uranium miner exercised its sales rights under a put option and received US$522 million for its Westinghouse share.

Alongside US$103 million in dividends received during ownership, the company's total return on the investment amounts to US$625 million, the company said Dec. 25.

In March, Westinghouse filed a petition for bankruptcy.