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Sasol appointments of non-executive directors
Sasol announced the appointment of Steven Pfeiffer and Anshu Jain as non-executive directors of the company with effect from 1 July 03.
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Sasol denies it receives state subsidy
Sasol has hit out at suggestions that it would lose a subsidy on the use of the pipeline which brings crude oil from the coast to its Natref refinery at Sasolburg, which is a joint venture with Total. Sasol claims that it would not lose any subsidy, as it does not actually receive one.
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Sasol calls on FD to sort out offshore problems
The board of Sasol has called on finance director Trevor Munday to sort out its troubled offshore chemicals business. The chemicals operations along with the strong rand are largely responsible for the profit warning by Sasol of a 22% drop in attributable earnings in the year to Jun 2003. An analyst said he was worried about the extra burden Munday was shouldering, and suggested it was a reflection of Sasol's alarm about the performance of its chemicals portfolio. Munday's appointment was triggered by the resignation of Sasol's Ralph Havenstein, who is leaving to head Anglo Platinum.
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Sasol issues profit warning
In its interim profit announcement published on 11 Mar 03, Sasol advised that it was likely that attributable earnings for the full financial year ending 30 Jun 03 would be less than those of the previous financial year. Reference was made to widespread uncertainty in global markets and the slowing down of the world's major economies, as well as the unexpected further strengthening of the rand. This made currency and profit forecasting complex. With respect to its chemicals portfolio, Sasol referred to some of these businesses being exposed to continuing margin pressures because of intense competition and higher energy-related feedstock costs.
Furthermore, chemical margins particularly in Europe and North America reduced to very low levels and, in some cases, caused losses. Because of these factors, and consistent with the earlier announcement that earnings for the full financial year will be less than those of the previous year, Sasol announces that on the basis of prevailing assumptions it anticipates its attributable rand earnings to be of the order of 22% lower for the current financial year. It is anticipated that the total dividend for the year ending 30 Jun 03 will be the same as in the previous financial year, which will be within the group's targeted dividend cover range of 2.5 to 3.5.
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Sasol appoints new director
Sasol announced today the appointment of Mandla Gantsho, as non- executive director of Sasol with effect from 1 Jun 03. Mr Gantsho is the MD and CEO of the Development Bank of Southern Africa.
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