Anglo American to Demerge South African Thermal-Coal Business
By Jaime Llinares Taboada
Anglo American PLC said Thursday that it will demerge its
thermal coal operations in South Africa.
The FTSE 100 mining company said it will transfer its thermal
coal business in South Africa to a new holding company, Thungela
Anglo American said the demerger recognizes its shareholders'
diverse range of views regarding thermal coal, providing them with
the chance to either retain, increase or decrease their interests
in Thungela. As for Thungela, AA said the transaction allows it to
attract new shareholders and capital sources.
Anglo American said it will inject an initial 2.5 billion South
African rand ($171.6 million) into Thungela, plus further
contingent capital support until the end of 2022. It will also
support it with the sale and marketing of its products for a
The demerger is subject to shareholder approval, which will be
sought at a general and court meeting expected to be held on May 5.
Anglo American expects Thungela's shares will be admitted to
trading in Johannesburg and London on June 7.
Write to Jaime Llinares Taboada at email@example.com;
(END) Dow Jones Newswires
April 08, 2021 02:30 ET (06:30 GMT)
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