Sasol shares plunge as company delays results over ‘control weaknesses’
Sasol’s shares dropped as much as 15.9% on the news on Friday
Sasol, which has been grappling with major cost overruns at its Lake Charles chemicals project (LCCP) in the US, shocked the market once more on Friday by saying it has to delay the release of its full-year results by a month after a probe found “possible LCCP control weaknesses”.
The energy company’s shares responded by falling as much as 15.9% to R233.93 on Friday morning, the worst level since 2007. Less than a year ago, the stock was at highs of close to R580.