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Kazatomprom has sold its shares in Westinghouse Electric Company

Kazatomprom has sold its shares in Westinghouse Electric Company

Author: and

Photo: kazatomprom.kz

Date : Dec 26, 2017 08:02 PM

Toshiba Corporation paid for it 522 million dollars

Toshiba Corporation bought back from “NAC “Kazatomprom” JSC 10% stake in Westinghouse Electric Company and paid for it US $522 million.

In accordance with the terms of the “Put Option Agreement” between the two companies, Kazatomprom had the right to sell its shares back to Toshiba at a fixed price of US $522 million.

Taking into account the dividends received, Kazatomprom is in the black: its initial investment grew by $85 million.

In March 2017, American company Westinghouse filed a petition for bankruptcy proceeding in accordance with Article 11 of the US Bankruptcy Code.

Kazatomprom is the world leader in the extraction of natural uranium and the national operator in the Republic of Kazakhstan for the import and export of uranium, rare metals and nuclear fuel for nuclear power plants. The group of companies includes 49 enterprises.

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