Anglo American Plc is selling another 6% of its platinum business in a move aimed at increasing the South African unit’s free float ahead of a full exit.

Anglo American said on Tuesday it will sell more shares in its South African platinum unit, as it accelerates plans to spin it off.

Jefferies has set a new price target of 2,850 pence for Anglo American, a 19% increase from the stock's recent closing price of 2,385 pence. The analysts noted that Anglo’s shares have been trading at a 15% discount to their sum-of-the-parts valuation, offering attractive value despite the risks associated with its restructuring efforts.

Anglo American Plc raised 9.6 billion rand ($530 million) from the sale of a 6.6% stake in Anglo American Platinum Ltd., a move aimed at increasing the South African unit’s free float ahead of a full exit.

Anglo American South Africa, a division of the diversified mining company Anglo American, has divested a 6.6% stake in Anglo American Platinum (Amplats), a platinum group metals (PGM) miner. The transaction involved the sale of 17.