ANGLO American Platinum (Amplats) will begin its life as a standalone company, demerged from parent Anglo American, on May 28 when it will trade in Johannesburg under its new name of Valterra Platinum.
The name is a portmanteau of Value and Terra, Latin for earth.
The name change was detailed in a notice to shareholders, published on Thursday, regarding the annual general meeting which has been scheduled for May 8. Shareholders will vote on the proposed name change among other matters.
Anglo American announced plans to demerge Amplats in May last year as part of a simplification strategy aimed at focusing on its copper, iron ore, and minerals fertiliser assets.
Anglo then said in February that it will retain a 19.9% stake in what will be Valterra Platinum. However, it would relinquish all of its current board and committee representation in the company.
As part of the demerger, Valterra Platinum will take a secondary listing in London, designed to minimise flowback of shares from investors not mandated to hold an investment in a Johannesburg, commodity specific company.
Anglo reduced its stake in Amplats to 67% from about 79% in two private placements, also aimed at minimising flowback, but raising R16.8bn for the UK group. Anglo also received part of a special cash dividend of R15.7bn, equal to R59 per share declared in Amplats’s results for the 2024 financial year in February.
Amplats said the payout represented “the most efficient method of realigning the capital structure ahead of the demerger”. But some analysts criticised the generosity given that Valterra Platinum would need a strongly fortified balance amid a depressed platinum group metals prices.
