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Sasol - divestment of full shareholding
Sasol is pleased to announce that a Sale Securities Purchase Agreement has been signed with Azura Power Limited for the divestment of the Company’s full shareholding in CTRG, the gas- to-power plant located in Ressano Garcia, Mozambique.
The transaction is subject to a number of conditions precedent, which include regulatory approval and the waiver of pre-emption rights held by Electricidade de Mocambique (EDM), the Mozambican state-owned electricity company. The consideration will be approximately USD145 million and covers the equity and other shareholder claims that Sasol holds in CTRG. This will be subject to any relevant closing adjustments, including those in relation to working capital. This transaction is part of the Company’s ongoing, strategy aligned, asset divestment programme. Sasol remains fully committed to upstream operations in Mozambique, which continue to be integral to Sasol’s strategy.
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Sasol - completion of divestment
Sasol shareholders are referred to the Company’s Stock Exchange News Service (“SENS”) announcement dated 2 October 2020, containing details of the divestment of a 50% interest in Sasol’s Base Chemicals business at Lake Charles to LyondellBasell (“Transaction”). A further SENS announcement was released by the Company on 23 November 2020 confirming the approval of the Transaction by shareholders at Sasol’s general meeting held on 20 November 2020.
Sasol is pleased to announce that the Transaction successfully closed on 1 December 2020 and the 50/50 Louisiana Integrated Polyethylene joint venture (“JV”) with LyondellBasell has now been established. The proceeds of approximately USD2 billion will be received within two days of closing, with standard closing adjustments to be effected 30 days thereafter.
Under the terms of the Transaction agreements, LyondellBasell will operate the JV assets on behalf of the JV and market the polyethylene products on behalf of the two shareholders.
Covenant amendment
Sasol is also pleased to announce the successful conclusion of discussions with our lenders regarding the covenant amendment for 31 December 2020, which is 4x net debt: earnings before interest, taxation, depreciation and amortisation (EBITDA). Our lenders have agreed that the covenant calculation will not be impacted by once off events or delayed receipt of disposal proceeds that are expected by 31 December.
The covenant for June 2021 will remain at 3x Net Debt: EBITDA.
Investor update
Sasol will host a virtual investor update, today, 2 December 2020 at 14:00 (SA time). The key focus will be the Sasol 2.0 transformation programme which is designed to deliver the Company’s vision for Future Sasol. Chief Executive Officer, Fleetwood Grobler, Chief Financial Officer, Paul Victor, and Executive Vice President Sasol 2.0 Transformation Marius Brand will host the event via webcast link: www.corpcam.com/Sasol02122020. The presentation will be available on the website www.sasol.com.
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