Plan to unbundle thermal coal division is on track, reassures South32
South32’s plan to unbundle its South African thermal coal division into a separate JSE-listed company is on track, it said in its December quarter production update released on Wednesday morning."We are also actively reshaping our portfolio, with SA Energy Coal to be managed as a standalone business from April. This strategic initiative will significantly simplify our organisation and unlock additional value for shareholders," CEO Graham Kerr said in the statement.The resources group, which was spun-off from BHP in May 2015, announced in November that it intended to turn the division it calls SA Energy Coal (SAEC) into a standalone business. "Once SAEC has been established as a standalone business and consistent with our objective to further transform our South African operations, we will commence a process to broaden ownership of SAEC. This will present opportunities for broad-based black economic empowerment entities, employees and communities, and could lead to a listing of SAEC ...
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