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Sasol issues profit warning
When Sasol announced its financial results for the year ended 30 Jun 03, it advised in its profit outlook that a dominating influence on overall financial performance is expected from the rand's relationships with major currencies. If the prevailing strength of the rand persists, it is unlikely that rand earnings in the new financial year will match those of the 2003 financial year. As a result, Sasol announces that its interim results for the six months ending 31 Dec 03, will be substantially lower than the comparable result of the previous financial year, partly also because of the weaker global trading conditions that transpired in the recent reporting period. Because of the strong rand, the results for the full financial year ending 30 Jun 04, are also expected to be substantially below those of the financial year ended 30 Jun 03.
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SASOL announces results of AGM
Shareholders are advised that, the results of the business conducted at the annual general meeting of Sasol Limited held in Secunda today, are as follows:
- the financial statements of the company as well as the reports of the directors and auditors for the year ended 30 Jun 03 were accepted and adopted;
- Messrs W A M Clewlow, P V Cox, S Montsi, C B Strauss and T S Munday were re-elected for a further term of office.
- Mrs E Le R Bradley, Messrs M S V Gantsho, A Jain and S B Pfeiffer were re-elected as directors.
- KPMG was re-appointed as auditors of the company until the conclusion of the next Annual General Meeting.
- The special resolution authorising the company to re-purchase up to a maximum of 10% of its issued shares was approved.
- The ordinary resolution placing the balance of the unissued shares under control of the directors was withdrawn.
- The ordinary resolution approving the revised annual fees payable to non-executive directors of the company was approved.
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Sasol commissions new plant
Sasol and Mitsubishi Chemicals have commissioned a R2.1bn chemical plant in Sasolburg that will see them exporting acrylic acid and acrylates before the middle of next year. The new plant called Sasol Dia Acrylates, was part of Sasol's long term plan to move away from fuels into higher margin chemicals.
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Sasol to rectify 'empowerment risk' fallout
Sasol has moved to repair its image after criticism of its stance on the classification of black empowerment, as a risk factor. The group came under fire from various quarters after a media report that highlighted its classification of empowerment as a risk factor in a compulsory document submitted to the New York Stock Exchange. In a paid advertisement, Sasol said it 'embraces the challenge' of transformation and outlined its empowerment initiatives.
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PIC questions Sasol's comments on empowerment
The Public Investment Commissioner (PIC), Sasol's largest minority shareholder has objected to the group's views on black economic empowerment, voiced to its US shareholders during Oct 03. The PIC, which controls R300bn in government pension money, is not of the opinion that black economic empowerment should be viewed as a "risk factor". CE of the PIC, Brian Molefe, commented that "As a (13%) shareholder, we will contact Sasol and demand they explain ... We see empowerment as a strategy that will bring commercial benefits to South African companies, not something that will be a reason not to invest." Molefe said that Sasol's comments had highlighted the fact that while government views empowerment as a business opportunity, some companies see it as a limitation.
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