Anglo American PLC (LSE:AAL) completed the sale of 51% of its interest in its AmPlats platinum group metals business over the weekend, along with an associated consolidation of its own shares.
Under its new name of Valterra Platinum Ltd (LSE:VALT, JSE:VAL), the business started trading in London on Monday, alongside its existing primary listing in Johannesburg.
Following the demerger, Anglo American will continue to hold around 19.9% of Valterra and said it intends to retain this shareholding for at least 90 days following the demerger, with the stake to be "managed responsibly over time to effect a full separation".
Anglo CEO Duncan Wanblad said: "This is an important moment for both Anglo American and Valterra Platinum. For Anglo American, this is a major step in our plan to unlock the inherent value in our portfolio as a whole, with enhanced focus on our world-class positions in copper, premium iron ore and crop nutrients."
With platinum having been a major part of the company for many years, Wanblad said "now is the right time for it to optimise its value creation prospects on an independent path – it's an outstanding business and team and I have every confidence that Valterra Platinum will thrive as a leader in the global platinum group metals industry".
Valterra shares first traded at a price of 2,830p and after almost an hour had risen 4.5% to 2,960p.
Anglo shares fell 0.6% to 2,191.5p, down 12.4% from Friday withouth the consolidation.