30th Apr 2025 17:22
(Alliance News) - Anglo American PLC said on Wednesday its shareholders have approved a plan to demerge its subsidiary Anglo American Platinum Ltd at the end of next month.
Shareholders held a general meeting on Wednesday.
Now that Anglo American shareholders have given the Anglo American Platinum demerger the thumbs-up, Anglo American expects the separation to be effective on May 31.
As a result of the proposed demerger, 51% of Anglo American Platinum will be distributed to Anglo American shareholders, who will each receive 110 Anglo American Platinum shares for every 1,075 Anglo American shares they hold.
Anglo American has already disposed of around 12% stake in Anglo American Platinum from its original 79% shareholding. It will retain a 19.9% interest following the demerger.
Anglo American and Anglo American Platinum expects the platinum producer to debut on the London Stock Exchange on June 2. It will remain primary listed on the Johannesburg Stock Exchange.
The demerger of Anglo American Platinum is part of Anglo American's plan to simplify its business. Anglo American also intends to "divest" or "demerge" De Beers, and had already sold its steelmaking coal business. It wants to focus mainly on copper and iron ore.
Anglo American Platinum's shareholders will vote on its plan to rename itself to Valterra Platinum Ltd at its annual general meeting on Thursday next week.
The platinum producer has already reduced its board ahead of the demerger. Nolitha Fakude, Themba Mkhwanazi and Matt Daley have stepped down as non-executive directors.
Shares in Anglo American closed down 4.9% at 2,022.00 pence Wednesday in London. In Johannesburg, they were down 5.3% to ZAR502.80.
In Johannesburg, Anglo American Platinum closed up 0.2% at ZAR639.19.
By Artwell Dlamini, Alliance News reporter
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