Sasol announces new R21bn empowerment deal, with Inzalo under water as it nears its end
The new, unencumbered scheme will replace the original R26bn scheme, which was hit by the falling oil price
Sasol’s share price dropped more than 6.5% in late morning trade on Wednesday, following the announcement of its latest empowerment deal. At 11.04am, it was 7.53% down at R368.63. Sasol is terminating its Inzalo empowerment scheme and The coal-to-liquid fuel maker unveiled a new R21bn empowerment scheme for its South African assets, after the first scheme was under water as it approached the end of its vesting period. In an enormously complicated transaction, Sasol is terminating its Inzalo empowerment scheme and replacing it with the Khanyisa transaction, which will result in at least 25% black ownership of Sasol’s wholly owned subsidiary, Sasol SA, for 10 years from 2018. Sasol shareholders need to approve the transaction, which includes an employee share ownership scheme, public investment in the company’s shares, 54 selected customers, suppliers, franchisees and nongovernmental organisations as well as a foundation. Black Sasol employees have received R1.6bn in dividend payments...
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