Sasol drops rescue plan for BEE scheme

October 10, 2017

Business Day / 09 OCTOBER 2017 - 10:41 / ANN CROTTY

 

The fuel company says it will not sell about R13bn of shares to meet its obligation to repay debt owed by a black investor group and is considering other option.

 

The Sasol share price experienced one of its strongest trading days on Monday following the board’s announcement that it was abandoning plans to issue 43-million new shares to rescue the Sasol Inzalo black economic empowerment (BEE) scheme.

 

The Sasol share price closed almost 3% firmer at R396.26.

 Picture: LUCKY NXUMALO/SOWETAN