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Sasol Ltd. - SOLB01-Guarantor's Divestment of Inte
Sasol Ltd. - SOLB01-Guarantor's Divestment of Interest in 30% in Republic of Mozambique Pipeline Investment Company (PTY) LTD
SENS Announcement Classification:
1. General
2.
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Sasol - divestment announcement
Sasol announced that Sasol South Africa Ltd. (“SSA”), a major subsidiary of Sasol, has concluded a sale and purchase agreement (“SPA”) in terms of which SSA has agreed to sell a 30% interest (“Sale Shares”) in ROMPCO to an acquisition vehicle beneficially owned by a consortium, comprising Reatile Group (Pty) Ltd. (“Reatile Group”) and the IDEAS Fund managed by African Infrastructure Investment Managers (Pty) Ltd. (“IDEAS Fund”) (collectively the "Reatile Consortium") (the “Proposed Transaction”).
SSA will retain a 20% shareholding in ROMPCO and will continue to operate and maintain the pipeline in terms of the commercial agreement between Sasol and ROMPCO, which is independent of the Proposed Transaction. Sasol’s agreements with ROMPCO to transport gas to Secunda are unaffected by the Proposed Transaction and the tariffs remain as per the said agreements, which were approved by the National Energy Regulator of South Africa (NERSA) (or are approved by NERSA from time to time).
The Sale Shares will, subject to certain adjustments, be sold for a consideration comprising an initial amount of R4,145 billion and a deferred payment of up to R1 billion payable if certain agreed milestones are achieved by 30 June 2024.
The Proposed Transaction is subject to the pre-emptive rights on the Sale Shares held by the other shareholders of ROMPCO, being the South African Gas Development Company (SOC) Ltd. and Companhia Moçambicana de Gasoduto S.A.R.L.
The Proposed Transaction will thereafter be subject to the fulfilment of customary conditions precedent, including, inter alia:
i. competition / anti-trust approvals in the relevant jurisdictions;
ii. all necessary consents of third parties including governmental authorities; and
iii. no material adverse change having occurred or, if such a change has occurred, it has been satisfactorily remedied if capable of remedy.
The SPA contains representations, warranties and indemnities given by SSA in favour of Reatile Consortium, which are standard for a transaction of this nature.
It is expected that the Proposed Transaction will become effective during the second half of calendar year 2021.
The Proposed Transaction is part of Sasol's strategy-led divestment programme. Sasol remains fully committed to its operations in Mozambique, which continue to be integral to Sasol’s gas strategy.
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Sasol Ltd. - SOLB01-Interest Payment
Sasol Ltd. - SOLB01-Interest Payment
SENS Announcement Classification:
1. Debt Instrument
2. Interest rate
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