In an attempt to rein in costs, the largest shareholder in one of the world's largest platinum producers, Lonmin, said it would support a decision to switch its primary listing from London to the JSE. The Public Investment Corporation "would support a primary listing on the JSE", the company, which owns about 30% in the troubled miner, said in response to questions from Business Times. Based on a "drastic" change of Lonmin's share registry after its last rights issue in December 2015, the corporation said it would support such a move should it be considered. "The continued existence of Lonmin is of utmost importance and we expect all stakeholders to continue to support Lonmin with its turnaround strategies and cost-cutting initiatives," Deon Botha, PIC head of corporate affairs, said. On average, maintaining a primary listing on the London Stock Exchange costs about R120-million annually, which includes various corporate costs. In comparison, a main-board listing on the JSE for a co...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.