Industrial holdings group Tongaat-Hulett on Monday announced plans to unbundle its Hulett Aluminium division and list it separately, as well as introduce black economic empowerment partners into both companies.

Hulett Aluminium (Hulamin) had a market capitalisation of between R4-billion and R6-billion, while the Tongaat business was worth between R6-billion and R9-billion, Business Day reported.

The move would structure Tongaat as a food group. Anglo American, which has a majority stake in Tongaat, reportedly asked management to look for ways to unlock value for shareholders as it sought to dispose of non-core assets.

Tongaat-Hulett also released annual results on Monday, saying its headline earnings increased 126 percent from R206-million in 2004 to R466-million in 2005.

Revenue was up at R6.9-billion from R6.3-billion, while operating profit in 2005 increased to R730-million from R358-million.

The group declared an annual dividend of 400 cents a share from the previous year's annual dividend of 170 cents a share.

Turning to the year ahead, Tongaat-Hulett said considerable earnings growth was expected.

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