Anglo American launches share sale in platinum unit amid demerger plans
Miner Anglo American on Tuesday launched an accelerated bookbuild offering of about 13 million shares of Anglo American Platinum (Amplats), ahead of the South African unit’s demerger expected next year.
London-listed Anglo American had said in May it was considering a demerger of Amplats in a move to reduce costs.
“The placing is intended to broaden the free float of Anglo American Platinum, reduce the number of shares distributed to Anglo American shareholders upon demerger and thereby reduce flowback following the demerger,” Anglo American said.
The shares on offer represent about 5% of Amplats’ total issued ordinary shares.
Amplats CEO Craig Miller had said in July the company is planning a secondary listing in London.
Source: Reuters