TNGRF - Anglo American sells remaining Thungela Resources stake for $115M

Anglo American (OTCQX:AAUKF, OTCQX:NGLOY) says it sold its remaining shareholding in Thungela Resources (OTCPK:TNGRF) for $1.6B South African rand ($115M), completing its exit from the South African coal business. Anglo spun off its entire stake in its South African coal mines into Thungela and distributed all but 8% of the shares to its shareholders through an IPO last June. Each share was priced at 154 rand ($10.60), which represents a 12% discount to the March 24 closing price. The prospects for Thungela seemed dim at the time of its listing, but shares are up six-fold in the last nine months thanks to surging coal prices.

For further details see:

Anglo American sells remaining Thungela Resources stake for $115M