(Reuters) – Global miner Anglo American said on Wednesday that shareholders have approved the demerger of its South African unit, Anglo American Platinum (Amplats), along with the company’s share consolidation.
The resolution was passed at the company’s general meeting, with 99.94% of votes cast in favor.
The demerger is expected to become effective on May 31, subject to the satisfaction or waiver of certain conditions.
Amplats, the world’s leading producer of platinum group metals (PGM) by volume, will be separated from Anglo American as the parent company refocuses on energy transition metals like copper and iron ore.
Amplats, which proposed changing its name to Valterra Platinum in March, will retain its primary listing in Johannesburg, with a secondary listing on the London Stock Exchange.
The share consolidation is set to take effect on June 1, with the ratio to be announced on May 20.
(Reporting by Aatrayee Chatterjee in Bengaluru; Editing by Alan Barona)
