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Sasol ends partnership with buyout
Business Report noted that Sasol has bought the remaining 50% of its Californian venture, Luxco Wax. Sasol Wax had enjoyed a successful partnership with Luxco Wax since 1998. Sasol makes wax in the US, Europe and South Africa.
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Sasol -- BEE transaction and caution withdrawal
Highlights of the BEE deal called Sasol Inzalo include:
- 10% equity ownership of Sasol through the Sasol Inzalo BEE transaction
- Broadening and transforming Sasol's shareholder base as a listed entity
- 63.1 million shares valued at R25.9 billion
- the single largest broad-based BEE transaction to date
- Sasol`s facilitation of Sasol Inzalo BEE transaction in line with market norms
- Positive impact on net asset value per share
- Marginal impact on unaudited pro forma annualised earnings, excluding the non-cash share-based payment charge
- Participants will be employees, the Sasol Inzalo Foundation, black groups and the black public
- Sasol Inzalo Foundation to facilitate skills development and capacity building in the critical areas of mathematics, science and technology
- Meaningful long-term benefits to be spread widely among black South Africans, primarily in the lower income groups and particularly women
- Participants will benefit from Sasol`s domestic and international growth
- Compliance with the Broad-based BEE Codes of Good Practice, with effective black ownership of 19.7% of Sasol's South African business
General meeting
A general meeting of shareholders will be held at 09:00 on Friday, 16 May 2008, at the registered office of Sasol, 1 Sturdee Avenue, Rosebank, Johannesburg, 2196, to consider and, if deemed fit, pass, with or without modification, the special and ordinary resolutions required to implement the Transaction.
Further documentation
A Circular setting out the full terms of the Transaction and convening the General Meeting will be posted to shareholders on or about 21 April 2008. A prospectus containing the details of the Sasol Inzalo Black Public Invitations will be made available at selected South African Post Offices in due course.
Withdrawal of cautionary announcement
Shareholders are advised that caution is no longer required when dealing in their Sasol ordinary shares.
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Sasol -- cautionary announcement
On 10 September 2007 Sasol announced its intention, subject to shareholders' approval, of concluding a broad-based Black Economic Empowerment ownership transaction in respect of 10% of its issued share capital. Shareholders are advised that, at a Sasol special board meeting held on Wednesday, 19 March 2008, the directors considered and finalised, subject to shareholders' approval, principal matters relating to Sasol's proposed BEE ownership transaction. A detailed terms announcement concerning Sasol's proposed BEE ownership transaction will be published on or about Tuesday, 25 March 2008. Shareholders are advised to exercise caution when dealing in the company's securities until the detailed terms announcement is published.
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Sasol -- investor day details
Sasol will be hosting an "investor day" today, 14 March 2008, starting at 10.30am South African time. The investor day will consist of a set of presentations with an overview of the Sasol group as well as the South African energy, international energy and chemical business clusters, and outlining their strategies.
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Sasol loses R3 billion a year from hedge
According to Business Report, Sasol's hedging strategy, which was initiated in 2004 to shield the company from falling oil prices, has cut R3 billion from the group's revenues over the past four years. Sasol introduced the hedge in 2004 to protect itself from downside risks so that it could fund a massive capital spending programme. But Mohamed Kharva, a Nedcor Securities analyst, commented that Sasol should discontinue its hedging strategy as oil prices were expected to remain strong. Some analysts believe that the second-half hedging loss could double as oil prices have broken through USD100 million a barrel.
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Sasol still investigating new R56 billion plant
Business Day reported that Sasol had given its strongest signal yet that it was determined to build a new coal-to-liquids plant in South Africa, when it announced that its board had committed R300 million to examine the project's viability. The "Mafutha project" would cost an estimated USD5 billion-7 billion (up to R56 billion) and would be South Africa's largest greenfields investment to date. If built, the new plant could add capacity of 80 000 barrels a day. Sasol also said that it was in talks with the Industrial Development Corporation and the two government departments about the development. Sasol has commented previously that it would not be the sole investor in a project of this magnitude.
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