Home » Thungela lists on JSE, LSE; CEO July Ndlovu lauds company’s value for developing world

Thungela lists on JSE, LSE; CEO July Ndlovu lauds company’s value for developing world

by Editorial Team

Thungela Resources Limited, the thermal coal operation of Anglo American Plc in South Africa, has started trading on the Johannesburg Stock Exchange (JSE) and London Stock Exchange (LSE).

According to a regulatory disclosure, the coal mining division of Anglo American Plc will be listed under the name Thungela (TGA) on the JSE through a primary listing and on the LSE Exchange through a standard listing.

The move is expected to increase the total number of energy-sector entities listed on the JSE to eight. Meanwhile, the overall number of companies on the bourse will increase to 331, with a market capitalization of more than $1.41 trillion (R18.98 trillion).

Thungela’s listing follows the demerger of Anglo American’s thermal coal operations in South Africa.

On April 8, the board of Anglo American announced that it had decided to separate its South African coal subsidiary from the group’s primary activities.

The demerger took full effect at 8:00 pm (UK time) on June 4. This came after the UK High Court of Justice sanctioned its full implementation on May 26 in line with key regulatory requirements.

At the point of Thungela’s listing today, 100 percent of the company’s issued share capital was allotted to Anglo American shareholders. Each person received one Thungela share for every 10 Anglo American shares that they held.

Thungela Resources

Thungela Resources is a leading producer and exporter of high-quality, low-cost thermal coal in South Africa, with access to a world-class export infrastructure and a production infrastructure that can produce 16.5 million tonnes of thermal coal per annum.

The company is led by CEO July Ndlovu, who was appointed CEO of Coal South Africa in September 2016.

Ndlovu commented on Thungela’s listing on the JSE, stating that the company plays an essential role in providing affordable energy in the developing world and South Africa.

He believes the listing has an enviable cash-cost position, and the company is poised to deliver attractive returns to shareholders.

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