Anglo American welcomes the announcement today by The Tongaat-Hulett Group
14 December, 2006
Anglo American welcomes the announcement today by The Tongaat-Hulett Group (Tongaat) regarding the proposed unbundling and listing on the JSE of Hulett Aluminium (“Hulamin”) and the proposed Black Economic Empowerment (BEE) transactions in respect of Tongaat and Hulamin. These transactions represent further progress in advancing Anglo American's strategic targets which were announced in October 2005.
The proposed transaction will result in the acquisition of a 25% interest in Tongaat and a 15% interest in Hulamin by broad-based groups of BEE investors. Further to these transactions, Anglo American's shareholding in Tongaat will reduce from 51% to 38% and its shareholding in Hulamin will be an effective 39%, down from 45%.