Petrol giant to team up with NEF to reach more black investors
Lihle Z Mtshali
Lihle Z Mtshali
Black investors looking forward to adding Sasol shares to the MTN shares bought at a discount through the Asonge Share Scheme will have to wait for further details.
Sasol plans to team up with the National Empowerment Fund (NEF), which managed the Asonge deal, in an effort to reach as many black investors as possible.
Details of whether the Sasol shares will also be sold via Post Offices and at a 20percent discount to the prevailing share price have not been finalised yet. This deal is scheduled to be launched next year.
In its results for the year ended in June, Sasol announced plans to sell 10percent of the company to black shareholders. At R18billion, this is the biggest BEE deal to date.
Of the 10percent, 4percent is earmarked for an employee share ownership plan, 1,5percent will be placed with black partners, another 1,5percent will go to the Sasol Foundation to tackle skills development and 3percent will be sold via an Asonge-type deal.
Sasol chairman Pieter Cox said: "This transaction is ground-breaking, not only in terms of its size, but also in terms of its overarching ambition to create a legacy of building skills and capacity in the South African economy."
"A unique feature of this transaction is the broad black public share offer. We want as many black South Africans as feasibly possible, most of whom have never owned shares before, to become shareholders," said Sasol chief executive Pat Davies.
Sasol reported a 19percent increase in turnover to R98billion.
Its synthetic fuels division reported R16billion operating profit out of R29billion sales - indicating the group is enjoying a 55percent operating profit from selling petrol and diesel made from coal at the same price as that made from imported oil.
Sasol's share price strengthened by more than 1,5percent on the announcement of the BEE ownership scheme and positive financial results.