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Sasol expects offshore investors to increase
Sasol's Pieter Cox said that he expected the number of offshore investors to rise significantly after the New York listing, scheduled for Apr 03. He said that he wanted to reposition the group globally, raise its profile among investors and make it more approachable to international analysts. FD Trevor Munday confirmed that 60% of Sasol's foreign investors were already in the US. Cox would not comment on what sort of offshore shareholding the group anticipated, saying only that the 25% of Sasol shares held offshore was "on the low side".
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Sasol prepares risk analysis ahead of NY listing
Sasol was in the process of preparing an analysis of risk factors ahead of its 9 Apr 03 listing on the New York Stock Exchange. While the group did not anticipate the materialisation of any of them, the list included the risk of terrorism, industrial risks including fire, explosions, leaks etc. and possible asbestos related claims against the company. In addition, the new method of calculating SA's fuel price would affect the company's profit by between 2% and 3% in the year to 2004. Empowerment was included in the list, as was the cost of HIV/AIDS with about 20% of the group's workforce estimated to be infected.
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Good results expected from Sasol
Analysts were expecting good results from Sasol when it released its interim results on 10 Mar 03. The four analysts polled, however, put the growth in earnings at under 6% as the average rand value over the six month period would have been quite low. It was thought that currency fluctuations would result in a foreign currency translation loss of around R500m. The group would also be affected by oil and chemical prices which rose 20% during the period. While the increases would have benefited Sasol's operations, they would have put pressure on Sasol Chemie in Germany which was expected to post poor results. Forecasts for headline earnings ranged from growth of 4% to 17% or R7.60 per share to R8.42 per share.
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| Closing price data source: JSE Ltd. All other statistics calculated by ProfileData. |
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