Anglo American nets over $400m from platinum unit share sale amid demerger plans

Miner Anglo American on Wednesday said one of its subsidiaries has raised 7.2 billion rand ($403.21 million) from the sale of about a 5.3% stake in Anglo American Platinum (Amplats) as part of a share sale program that launched a day earlier.

Anglo American South Africa Proprietary Limited sold 13.9 million Amplats shares for $28.84 per share, the miner said.

An accelerated bookbuild offering of about 13 million shares of Amplats was launched on Tuesday, ahead of the South African unit’s demerger expected next year.

“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.

Amplats CEO Craig Miller had said in July that the company was planning a secondary listing in London.

($1 = 17.8824 rand)

(By Aatrayee Chatterjee and Yamini Kalia; Editing by Shreya Biswas and Mrigank Dhaniwala)