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Sasol director resigns to take up CEO post
Sasol announces the resignations of one of its executive directors, Ralph Havenstein, with effect from 1 July 03 to take up a position as CEO of another listed SA company. The company indicated that succession planning is well entrenched within Sasol. Changes to Sasol's top management structure resulting from this resignation will be announced in due course.
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Sasol lists on NYSE to boost liquidity
Sasol's CE, Pieter Cox, said that exposure to Sasol for institutional investors would be easier once the listing on the main board of the New York Stock Exchange has been accomplished today (9 Apr 03). The main reason for the listing is to boost the exposure and liquidity of Sasol. Cox said the company was looking to create more demand for Sasol shares and he anticipates that analysts would do more research on Sasol. Cox also said that the Sasol listing price is at a relative discount to their peer group.
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Sasol is not being sued by Ed Fagan
Two days before it's listing on the New York bourse, Sasol's share price droped in the midst of incorrect reports that Ed Fagan would sue the company as part of the apartheid reparations lawsuits he is leading. Fagan's SA partner, John Ngcebetsha, confirmed that a US based multinational Flour Corporation, who has had a management contract with Sasol since 1975, is being sued and not Sasol.
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Sasol share price affected by lawsuit
An announcement on 4 Apr 03 of a lawsuit claiming reparations for apartheid victims from Anglo was the main topic of discussion on the JSE. US lawyer Ed Fagan, in conjunction with local lawyers filed the suit. The claim included a USD3.1bn - USD6.1bn suit against Anglo and De Beers, in which Anglo retains a 45% interest and a USD900m - USD1.4bn claim against US based Fluor. While no papers had yet been served on Sasol, Sasol contracted Fluor from 1975. Fagan was suing the companies in the US, a decision based on the truth commission report during Mar 03 which said that, in principal " reparation claims against corporations like Anglo would be based on the extent to which decades of profits were based on systematic violations of human rights".
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| Closing price data source: JSE Ltd. All other statistics calculated by ProfileData. |
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