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Oil prices put shine on Sasol profit
Business Report highlighted that Sasol raised profitability last quarter on higher commodity prices, curbs on costs and increased output, while the largest producer of motor fuels from coal expects soild full year results. Chief financial officer Christine Ramon said robust global commodity prices have countered the impact of the strong rand, supporting healthy margins. The company, the largest by sales and market value in South Africa, will invest R23 billion this year and R31 billion in 2012 on current projects and acquisitions of assets to benefit from surging fuel prices. Crude oil prices have increased 32 percent in the past year.
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Sasol completes second Canadian acquisition
Shareholders of Sasol are referred to the SENS announcement released on 8 March 2011 regarding the acquisition by Sasol of a 50% interest in the high quality Cypress A Assets from Talisman Energy Inc for a total purchase consideration of CAD1 050 million (R7 413 million at the closing CAD/ZAR exchange rate of R7.06 on 7 March 2011)(the "transaction").
The transaction was subject to various suspensive conditions referred to in the announcement released on SENS on 8 March 2011. Sasol shareholders are advised that all the suspensive conditions to the transaction have been fulfilled and that the transaction closed on 10 June 2011 ("the closing date"). The final aggregate consideration amounts to CAD1 034 million (ZAR7 162 million at the closing CAD/ZAR exchange rate of R6.93 on 9 June 2011) and comprises an initial purchase price for the Cypress A Assets of CAD246 million (ZAR1 704 million), which was paid in cash on the closing date, and CAD788 million (ZAR5 458 million) in the form of a commitment to fund 75% of Talisman's 50% portion of certain future development costs to further develop both the Farrell Creek and Cypress A Assets in terms of a joint development plan until such time that the aggregate purchase consideration has been paid in full.
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