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Sasol - results of AGM
Shareholders are advised that the results of the business conducted at the annual general meeting of Sasol held in Sasolburg 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 June 2004 were received;
- Messrs P du P Kruger, B P Connellan, L P A Davies and J E Schrempp and Mrs E le R Bradley were re-elected upon a poll by the shareholders for a further term of office;
- KPMG Incorporated 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;
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Sasol to shut down or sell Fedmis
Sasol will either shut down or sell Fedmis, its phosphoric acid business, if Foskor implement import-parity pricing. The present cost of phosphoric rock is USD54 a ton and the import-parity price would be USD72 a ton. A petrochemicals analyst said on 15 November 04 that Sasol is presently in talks with Foskor to take over Fedmis.
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Sasol agrees to Engen joint venture
Following the announcement on 19 February 04, the parties announced that they had agreed to the principles for pooling their respective interests in Sasol LFB and Engen. Together with their BEE partners they have now signed definitive agreements in respect of the joint venture called Uhambo Oil Ltd (`Uhambo`).
Tan Sri Dato Sri Mohd Hassan Marican, will be appointed as non-executive chairman of Uhambo. The position of CEO has been offered to Jock McKenzie as of January 05. These appointments will be confirmed upon the fulfilment of the conditions precedent to the transaction and upon approval of the board of Uhambo. Non-executive directors and the senior management team will be appointed in due course.
The operative date of the transaction is currently the first half of 2005 once the suspensive conditions have been fulfilled.
Withdrawal of cautionary announcement
Shareholders are advised that caution is no longer required to be exercised when dealing in Sasol`s securities.
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Sasol CEO received 32% pay cut
Pieter Cox, CEO of Sasol, received R5.03m in emoluments for the year ending June 04. The 32% decrease was due to the company`s net income falling 24%.
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| Closing price data source: JSE Ltd. All other statistics calculated by ProfileData. |
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