Amplats raises R390m through sale of Royal Bafokeng Platinum shares

Anglo American Platinum [JSE:AMS] announced on Wednesday that it has raised R390m by selling 17.3 million shares in Royal Bafokeng Platinum [JSE:RBP]. 

The shares were sold at a price of R22.50 per placing share. By 11:00 shares in Royal Bafokeng Platinum had fallen 6.8% to trade at R23.45. Shares in Anglo American Platinum, meanwhile, were down 1% at 11:00 at R345.98. 

Following the placing, Amplats said it would continue to hold about 2.6% of the total number of Royal Bafokeng Platinum’s ordinary shares in issue.

"Anglo American Platinum intends to utilise the placing proceeds to fund its share of the Maseve plant. The remaining placing proceeds will be utilised to fund Rustenburg Platinum Mines Limited's share of ongoing funding requirements in respect of the Bafokeng Rasimone Platinum Mine joint venture’s Styldrift project," it said in a statement.