Sasol shareholders approved on Friday the group’s new R21bn black empowerment scheme, Sasol Khanyisa, designed to replace the maturing Sasol Inzalo scheme and provide 25% permanent black-equity ownership of the local businesses. Because of fluctuating oil prices, which hit Sasol’s share price, Sasol Inzalo shareholders were unable to realise a cash profit at the end of the 10-year lock-up period because Sasol’s share-price appreciation was inadequate to repay the loans to set up the scheme. At Friday’s general meeting, Inzalo shareholders asked Sasol executives to explain how Khanyisa would be less disappointing than Inzalo. One shareholder said he had put R100,000 into Sasol Inzalo 10 years ago and had lost everything. Other shareholders asked why they were receiving no incentive to exchange Inzalo shares for Khanyisa shares and why the Khanyisa lock-up could not be five rather than 10 years. They also complained that although their dividends were only a few rand, they were subject...
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