Anglo American does not intend to execute a further market sell-down of its holding in Anglo American Platinum (Amplats) ahead of the demerger, which is expected to be completed by mid-2025.
Anglo American South Africa, a wholly owned subsidiary of Anglo American, sold 17,5 million ordinary shares of Amplats, representing about 6.6% of the total issued ordinary share capital of the group at a price of R548 ($30.2) per share.
It said in a statement that the accelerated bookbuild offering of shares in the platinum miner raised gross proceeds of R9.6 billion ($527 million) as part of its planned demerger of the company’s majority stake in Amplats.
Settlement of the placing shares is expected to occur on or about 2 December 2024 on the Johannesburg Stock Exchange.
Following completion of the placing, AASA’s remaining shares in Anglo American Platinum will be subject to a lock-up of 90 days, subject to customary exceptions.
Anglo American South Africa sold 13.94 million shares of Amplats at a price of R515 ($28.8) a share to raise about $400 million in September.
This left Anglo American South Africa holding 73.3% of the issued ordinary shares in Amplats from 78.56% before the placing.
The latest placing has reduced Anglo’s shares in Amplats to 66.7%.
Mathew Nyaungwa, Editor-In-Chief, Rough & Polished
