Sasol announces R1.3bn cash bonanza for Inzalo shareholders
FIN24 / 11 SEPTEMBER 2018 - 11.09 / STAFF REPORTER
Sasol on Tuesday announced a R1.3bn cash bonanza for its Inzalo Black Economic Empowerment shareholders to be paid out on September 17.
Shareholders will receive R85.63 per shares, marking the end of the scheme founded in September 2008.
Sasol to pay out Sasol Inzalo shareholders.
The shares, which launched at R366 per share peaked at R632 in 2014. They have over the years been battered by the commodity price volatility. In 2009 they slumped to R252 per share.
“Sasol Inzalo Public Limited is pleased to announce that it will distribute over R1.3bn to the Sasol Inzalo Public BEE (SIPBEE) shareholders in the form of a cash payment on 17 September 2018,” the company said in a statement.
“Each SIPBEE shareholder will receive R85.63 per share.”
The shares were valued at R28bn when they were launched, but amassed an R11.9bn debt to the company prior to disbanding.
Sasol Inzalo will delist from the JSE on September 18, 2018 and the scheme would be replaced by another empowerment structure called Sasol Khanyisa, in a deal valued at R21bn.
The petrochemical firm advised shareholders go to Computershare to update banking details ahead of payment next week.
Trade union Solidarity has criticised the Khanyisa scheme and its members have gone on strike, saying it is wrong that white employees have been excluded from its Broad-Based Black Economic Empowerment second phase. Last week the union sent a letter to the NYSE - where Sasol is also listed - saying the share ownership plan violated a section of the US Civil Rights Act.
Sasol has said that all employees benefit from the first phase of the scheme, and the second phase is meant to increase transformation at the energy and chemical company.
Disclaimer - The views expressed here are not necessarily those of the BEE CHAMBER