Exchange-rate movements and impairments hit profits for oil and gas junior SacOil Holdings in the year to February, but management expects its recent acquisition in SA will change its fortunes in the coming year. In the next few months, it would reveal a new name with its more balanced profile and stronger financial position, CEO Thabo Kgogo said on Wednesday. SacOil, which has activities across Africa including oil extraction in Egypt, oil trading in Nigeria and exploration in the Democratic Republic of Congo (DRC), in March bought its first operation in SA, a 71% stake in Afric Oil, a distributor of fuel to government and businesses. The price has been adjusted downwards from the initially announced R200m to R183.4m, of which R39m in cash and R89.5m in shares would be payable when the deal closes. The rest is a contingent amount to be paid in 12 months’ time. SacOil has secured a R162.6m bridging loan to finance the deal and provide working capital from Gemcorp Africa Fund I, repa...
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