AngloGold Ashanti shifts primary listing to NYSE, aiming for higher valuation and exposure to global investors.
Trade in AngloGold shares will be suspended on the JSE and A2X on 20 September, while the secondary listing under the code ANG commences the same day.
Anglo American decided to move its primary listing to London in 1999 for many of the reasons AngloGold Ashanti cited – cheaper capital and higher visibility among investors. It was the engine that drove SA’s industrialisation from the turn of the previous century and dominated virtually everything it touched. The apartheid-era international boycott kept it grounded in SA, with a few assets scattered around the sub-continent. That forced it to reinvest its enormous cash flows back into the domestic economy, which accounts for its outsized dominance of so many sectors in mining, finance and manufacturing.
South African shareholders will be able to hold AngloGold Ashanti plc shares without having to use their foreign investment allowance and still trade their shares on the JSE and A2X.It currently has operations in seven countries , with growth projects in Colombia and the US.
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