|
|
Sasol opens office in Shanghai
Sasol has opened an office in Shanghai to market its chemical solvents. According to Business Report, Sasol Chemicals Shanghai (SCS) would initially market products from the global Sasol Solvents business, which operates in South Africa and Germany.
|
| |
State approves then questions BEE deal
According to Business Day, the trade and industry department was involved in approving the structure of the BEE deal before the details were released. However, on Friday the department issued a statement saying the transaction was "flawed". It was reported that sources close to the deal are outraged by the comments made by Nomonde Mesatywa, acting chief director for BEE, where the inclusion of white employees in the employee share ownership programme (Esop) components of the scheme was questioned. Sasol had sought the state's approval on the deal from the start and structured the deal in close consultation with the trade and industry department and included white staff in on the Esop on the advise of the department.
|
| |
Sasol -- announcement of a 10% BEE transaction
Subject to shareholder approval and the fulfilment of conditions, it is proposed that Sasol will conclude a BEE transaction in respect of 10% of its issued share capital funded through a combination of equity, third party funding and facilitation by Sasol. The proposed BEE transaction is designed to provide long term, sustainable benefits to all participants and will have a tenure of ten years. It is proposed to comprise the following four participant groupings with their respective beneficial ownership in Sasol:
- broad-based black South African public - 3.0%;
- selected BEE groups (the "selected participants") - 1.5%;
- all Sasol employees, black and white, below managerial level that are permanently resident in South Africa, and Sasol black managers and black non-executive directors - 4.0%; and
- Sasol Foundation - 1.5%.
Conditions Precedent
The implementation of the proposed BEE transaction will be subject, inter alia, to the following:
- obtaining Sasol shareholder approval for the BEE transaction, including the scheme;
- finalising the selection of the BEE groups;
- concluding the financing agreements with third party funders;
- concluding agreements with all other relevant parties;
- obtaining the requisite regulatory approvals; and
- compliance with all applicable laws and regulations.
Further announcement expected in first half of 2008
A further announcement will be made during the first half of 2008 after the relevant agreements have been signed and third party financing arrangements have been finalised. Such announcement will provide the detailed terms of the BEE transaction, including the scheme, financial effects and expected economic costs of the BEE transaction, which cost is anticipated to be comparable to other BEE transactions concluded to date.
|
|
Click here for original article
|
| |
| |
|
| Closing price data source: JSE Ltd. All other statistics calculated by ProfileData. |
| |
|
|
