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Fin24 reports that there is said to be "tangible excitement" at Anglo American Platinum (Amplats) as the process to demerge the company from the Anglo American group has kicked off.
Addressing the London Indaba on Wednesday, CEO Craig Miller said Amplats employees were excited about "what the future holds" for the company once it was unbundled. The plan to spin out Amplats came just last month amid BHP's subsequently failed takeover proposal for Anglo American – without Amplats and Kumba Iron Ore – which prompted the group to hasten the launch of its own restructuring plan. "It's an exciting prospect for us as a business, as it means that we, Anglo American Platinum, will continue to be listed with a primary listing on the Johannesburg Stock Exchange and headquartered in South Africa with operations in both South Africa and Zimbabwe, two countries we're strongly committed to," said Miller, who took up the job of CEO in October last year. "And this demerger will enable us to determine our own priorities and our own future to deliver on what we see as the company's full potential. It is a company with excellent prospects and a successful long-term track record," he added. This positive sentiment is also shared by some analysts, who noted that, historically, a large portion of cash flows from the platinum business have been diverted by Anglo into other ventures. Practically speaking, the demerger will see all existing Anglo American shareholders become direct shareholders in an independent Amplats.
- Read the full original of the report in the above regard by Lisa Steyn at Fin24
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