20th May 2025 11:19
(Alliance News) - Anglo American PLC said on Tuesday it plans to consolidate its shares as it goes ahead to demerge a hunky portion of its interest in Anglo American Platinum Ltd.
The London-based diversified miner also said it will proceed to distribute 51% of Anglo American Platinum to its shareholders on the basis of 110 Anglo American Platinum shares for every 1,075 Anglo American shares held.
Anglo American has already disposed of an around 12% stake in Anglo American Platinum from its original 79% shareholding. It will retain a 19.9% interest after the demerger.
Shareholders of Anglo American approved the demerger at a general meeting late last month.
On share consolidation, Anglo American said the move intends to provide consistency in the Anglo American share price before and after the demerger process.
The share consolidation ratio has been set such that each Anglo American shareholder will receive 96 new shares in Anglo American for every 109 Anglo American shares held at the share consolidation on Friday next week.
The effective date for Anglo American's share consolidation is June 1.
The demerger of Anglo American Platinum will be effective on May 31, before the platinum producer lists on the London Stock Exchange on June 2. It will retain its primary listing on the Johannesburg Stock Exchange.
Separately, Anglo American Platinum said it will change its name to Valterra Platinum Ltd from Wednesday next week. Its shareholders approved the name change nearly two weeks ago.
Shares in Anglo American were down 0.1% at 2,066.28 pence on Tuesday in London. In Johannesburg, they were up 0.6% to ZAR499.90.
In Johannesburg, Anglo American Platinum rose 0.4% to ZAR620.42.
By Artwell Dlamini, Alliance News reporter
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