Anglo American plc announced on June 7 that the completion of the demerger of its thermal coal operations in South Africa. Thungela Resources Limited  will start trading through a primary listing on the Johannesburg Stock Exchange under the abbreviated name “Thungela” (Alpha code "TGA”), and a standard listing on the London Stock Exchange (ticker symbol “TGA”). (Logo quoted from Yahoo's image)

As a leading South African thermal coal exporter, Thungela offers investors access to a high quality thermal coal business with low cash cost and high-margin assets and a strong balance sheet, underpinned by a robust ESG framework.

The admission to trading of Thungela on the Johannesburg and London stock exchanges follows the completion of the demerger of Anglo American’s thermal coal operations in South Africa that was announced on 8 April 2021 and was approved by shareholders on 5 May 2021. 

The scheme of arrangement to implement the demerger was sanctioned by the UK High Court of Justice on 26 May 2021. The completion of the demerger took effect at 8.00pm (UK time) on 4 June 2021.

With the completion of the demerger and at the point of listing of Thungela, 100% of the issued share capital of Thungela is held by Anglo American’s shareholders who each received one Thungela share for every ten Anglo American shares that they hold. 

Each Anglo American shareholder also retains their existing shareholding in Anglo American. Thungela holds 90% of the thermal coal operations in South Africa with the remaining 10% held collectively by an employee partnership plan and a community partnership plan.

(IRuniverse)