June 2, 2020 / 5:07 PM / a month ago

UPDATE 1-Kazakhstan to reduce stake in uranium miner Kazatomprom

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ALMATY, June 2 (Reuters) - Kazakh sovereign wealth fund Samruk-Kazyna plans to sell a 4.55% stake in the world’s biggest uranium miner, Kazatomprom , for about $150 million, deal managers led by Citigroup said on Tuesday.

The sale will be the third by Samruk-Kazyna after the initial listing in 2018 and a secondary placement last year. After the planned deal, Samruk-Kazyna will own a 76.7% stake in Kazatomprom.

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 due to the novel coronavirus pandemic, but said a weaker tenge would boost its revenue in local currency terms. (Reporting by Olzhas Auyezov; Editing by David Goodman and Mark Potter)

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