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Africa|Copper|Iron Ore|Platinum
Africa|Copper|Iron Ore|Platinum
africa|copper|iron-ore|platinum

Anglo American South Africa raises R7.2bn through sale of some Amplats shares

Amplats' Mogalakwena operations

Amplats' Mogalakwena operations

11th September 2024

By: Creamer Media Reporter

     

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Anglo American South Africa (AASA), a subsidiary of diversified miner Anglo American, has sold 13.94-million shares of Anglo American Platinum (Amplats) at a price of R515 a share, raising gross proceeds of R7.2-billion, or about $400-million.

The shares were raised in an accelerated bookbuild launched by Anglo American on Tuesday evening and form part of Anglo American's planned demerger of its majority stake in Amplats.

"Through this placing we are moving proactively to distribute some of our Amplats shares into the hands of a wider range of investors ahead of the planned demerger. This is expected to increase share trading liquidity in the near term, as well as mitigate the impact of flowback following the demerger as a result of fewer Amplats shares being distributed to Anglo American's shareholders," Anglo American CEO Duncan Wanblad said at the launch of the bookbuild on Tuesday.

AASA now holds 73.3% of the issued ordinary shares in Amplats.

"The proceeds from the placing will also reduce our net debt as we continue to implement our portfolio transformation to focus on copper, premium iron-ore and crop nutrients – and thereby drive sustainably attractive returns," Wanblad added.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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