Creamer Media’s Mining Weekly / 20 SEPTEMBER 2017 / ANINE KILIAN - CONTRIBUTING EDITOR ONLINE
JSE-listed Sasol on Wednesday announced a proposed new R21-billion broad-based black economic empowerment (BBBEE) ownership transaction, Sasol Khanyisa, which will replace Sasol’s debt-ridden Sasol Inzalo fund, which expires in June 2018.
When Sasol Inzalo lapses, it will not be able to distribute shares to participants, given the closing Sasol ordinary share price of R389 on September 4.
WATCH: Sasol joint president and CEO Stephen Cornell talks about the lessons learned from the Sasol Inzalo transaction and how the proposed new Sasol Khanyisa transaction will be different. Video and editing: Nicholas Boyd.
Sasol joint president and CEO Stephen Cornell told Engineering News Online that Sasol has learned that it is very important to set up an empowerment programme that will be able to service any debt that is required, as well as minimise any global risks that can influence the outcome of the transaction.
“Inzalo assumed that the share price appreciation would cover so