Anglo American offers more shares of Anglo American Platinum

Anglo American launched another accelerated bookbuild share offering for its subsidiary, Anglo American Platinum Ltd., on Tuesday, as part of its ongoing demerger strategy.

Anglo American offers more shares of Anglo American Platinum

The mining giant plans to offer approximately 16 million shares of Anglo American Platinum to eligible institutional investors only. On Tuesday in Johannesburg, Anglo American Platinum's shares closed up by 0.6%, at ZAR599.45, giving the company a market capitalization of ZAR165.51 billion. Anglo American confirmed that the demerger of Anglo American Platinum is on track to be completed by mid-2025. As part of this plan, work is underway to list Anglo American Platinum on the London Stock Exchange, while maintaining its primary listing on the Johannesburg Stock Exchange. Additionally, Anglo American announced plans to sell an additional 6% of Anglo American Platinum as part of its effort to spin off its platinum business.

Anglo American to divest some assets

In May, Anglo American revealed its intention to divest certain assets, including Anglo American Platinum and De Beers. On Monday, Anglo American also finalized the sale of its remaining coal operations in Australia for USD 3.78 billion. Following the share placements, including the one completed in September, Anglo American Platinum’s free float will have increased by over 50%. In September, Anglo American raised ZAR7.2 billion (around GBP 308 million) through an accelerated bookbuild share offering of Anglo American Platinum. On Tuesday, Anglo American emphasized that it will further reduce the number of shares being distributed through the demerger, in order to minimize potential market disruption from "flowback," a situation where foreign investors sell their shares in the domestic company.