Exxaro gains as Tronox sale prompts R4.5bn special dividend

Exxaro Resources rose the most in eight months after the South African miner declared a R4.5 billion ($377 million) special dividend following the sale of part of its stake in titanium-dioxide producer Tronox.

Exxaro raised about $474 million after selling 22.4 million Tronox class A shares in October, leaving it with about 24% of the US company’s total voting shares. The coal miner considered issues including growth prospects, future capital commitments and debt repayment when deciding how to use the proceeds of the sale, it said in a statement on Tuesday.

“Following the evaluation of the group’s capital structure, the board of directors has resolved to pay a special dividend” out of income reserves, Exxaro said. The payout equates to R12.55 per Exxaro ordinary share.

Exxaro rose as much as 9.6%, the biggest intraday gain since March. The shares traded 6.4% higher at R146.26 by 3:21 pm in Johannesburg.

“For future Tronox share disposals the board of directors will continue to evaluate its funding requirements for future capital commitments, to repay debt and to return capital to shareholders,” the company said.

© 2018 Bloomberg

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