According to Zhito Finance APP, Anglo American Group (NGLOY.US) raised 9.6 billion South African rand (0.53 billion USD) by selling 6.6% of its shareholding in Anglo American Platinum (ANGPY.US), aiming to increase the free float of this South African subsidiary before a complete exit.

The mining company stated in a statement on Wednesday that it sold 17.5 million shares of its platinum group metals subsidiary at a price of 548 South African rand per share. Since Anglo American Group completed a smaller shareholding reduction in September, the number of publicly traded Anglo American Platinum stocks has increased by more than 50%.

It is understood that in May of this year, Anglo American Group announced plans to exit its controlling stake in Anglo American Platinum. This was part of a broader restructuring plan announced in response to bhp group ltd's (BHP.US) $49 billion unsolicited takeover proposal.

Anglo American Group currently holds nearly 67% of Anglo American Platinum shares, and the company stated that the spin-off is expected to be completed by mid-2025. The company indicated that there are no plans to further sell its held shares in Anglo American Platinum before the planned spin-off.

Earlier this week, Anglo American Group announced an agreement to sell its coal business, the transaction value could be as high as $3.78 billion. The group also plans to exit nickel mining, divesting or spinning off its De Beers diamond business.

Anglo American Platinum and its South African counterparts – the world's largest platinum producers – have been struggling with persistently weak prices, leading to a sharp decline in profits and forcing them to cut costs. In the long term, these companies are focusing on finding alternative consumer sources to replace the declining demand from the autos industry, which uses platinum group metals to reduce emissions from gasoline and diesel vehicles.