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12/25/2017, 3:57 PM (Source: TeleTrader)
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Kazatomprom sells stake in ailing Westinghouse

Kazakhstan's National Atomic Company Kazatomprom Jsc said on Monday it received $522 million for its 10% share in Westinghouse Electric Co. The holding in Toshiba Corp.'s bankrupt nuclear unit in the United States was bought back by the Japanese electronics manufacturer after the minority partner exercised a put option earlier in the year, the press release said.

The utility company from the Central Asian nation estimated it profited $85 million in total, excluding the impact of inflation, as it also received dividends of $103 million. Kazatomprom entered ownership in 2007, with a clause enabling exit for a fixed price. Westinghouse has filed for protection against creditors in March under the provisions of article 11, setting in motion emergency restructuring efforts in Toshiba.

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