Anglo American: to demerge South African business
(CercleFinance.com) - Anglo American shares are up over 2% in London on Thursday, following the mining company's decision to demerge its thermal coal business in South Africa, subject to approval by Anglo American shareholders on 5 May 2021.
The split will be implemented through the transfer of the business to a new holding company, Thungela Resources Limited, whose shares will be listed in both Johannesburg and London from 7 June 2021.
Anglo American is committed to building Thungela into a sustainable stand-alone business, including providing an initial cash injection of approximately 170 million dollars and additional contingent capital support until the end of 2022.
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The split will be implemented through the transfer of the business to a new holding company, Thungela Resources Limited, whose shares will be listed in both Johannesburg and London from 7 June 2021.
Anglo American is committed to building Thungela into a sustainable stand-alone business, including providing an initial cash injection of approximately 170 million dollars and additional contingent capital support until the end of 2022.
Copyright (c) 2021 CercleFinance.com. All rights reserved.