June 3, 2020 / 9:29 AM / a month ago

UPDATE 1-Kazakhstan sells 6.27% stake in uranium miner for $206 mln

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ALMATY, June 3 (Reuters) - Kazakh sovereign wealth fund Samruk Kazyna said on Wednesday it had raised $206 million by selling on the market a 6.27% stake in Kazatomprom , the world’s biggest uranium miner.

It sold the shares at $13 per global depositary receipt, a discount of about 6% to the market price, Managing Director Yerzhan Tutkushev told a briefing, adding that Samruk Kazyna would retain its remaining 75% stake in the company.

A stake of 0.01% is being offered to Kazakh retail investors at the same price, he said.

Tutkushev said the fund decided to press ahead with the sale as it saw an improvement in market sentiment. Kazatomprom shares have climbed 34.3% from their March trough.

Kazatomprom made a profit of 213.7 billion tenge (about $532 million) last year, down 50% from 2018 when its earnings were boosted by one-offs.

The company has cut its 2020 output guidance because of the novel coronavirus pandemic, but said a weaker tenge would boost its revenue in local currency terms. (Reporting by Olzhas Auyezov; editing by Jason Neely and Barbara Lewis)

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