Anglo American PLC (LSE:AAL) said it has sold its entire 19.9% stake in Valterra Platinum Ltd (LSE:VALT, JSE:VAL) via an accelerated bookbuild placing.
The miner announced yesterday that it was going to offload the 52.2 million shares of the company previously named Anglo American Platinum or Amplats at a price of 845 rand per share.
The placing raised cash proceeds of ZAR44.1 billion (£1.85 billion, US$2.5 billion).
Amplats was demerged and became Valterra in May this year, when Anglo said it intended to complete full separation "responsibly over time".
Yesterday, noting the strong performance of the Valterra share price since the demerger, up around 30%, it proposed selling the rest of its shareholding to raise further cash and strengthen its balance sheet.