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Sasol - change in transfer secretary
Shareholders are advised that Link Market Services South Africa (Pty) Ltd. ("Link") will replace Computershare Investor Services (Pty) Ltd. ("Computershare") as transfer secretary to Sasol and Sasol Khanyisa Public (RF) Ltd., with effect from 1 July 2019.
Shareholders are further advised that in terms of paragraph 4.32(d) of the JSE Ltd. Listings Requirements, Link will replace Computershare as the BEE Verification Agent for Sasol.
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Sasol - achieves beneficial operation of unit
Sasol provided an update on the Lake Charles Chemicals Project (LCCP) in an announcement on 22 May 2019. The announcement included reference to the fact that beneficial operation of the Ethylene Glycol (EG) facility had been achieved, with the beneficial operation of the Ethylene Oxide (EO) facility expected within days.
Sasol announced that the EO facility achieved beneficial operation on 31 May 2019. The combined EO/EG unit is the second of the seven LCCP production units to come online.
Management continues to take actions to mitigate the impact of LCCP's revised capital cost on the business, whilst ensuring these actions do not adversely impact Sasol's long term sustainability. Sasol still expects peak gearing in FY19 and with net debt to EBITDA for FY19 remaining within the 2,0 – 2,3x guidance range. The net debt to EBITDA covenant applicable to the USD3,9bn Revolving Credit Facility has been amended from 2,5x to 3,0x.
Following the LCCP announcement, Standard & Poor's and Moody's both affirmed Sasol's investment grade rating, with Moody's amending its outlook to negative.
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