Sasol prepares R35bn rights issue as ordeal for shareholders continues
Fuel and chemicals group reports a full-year loss
17 August 2020 - 23:49
The ordeal for Sasol shareholders is set to continue as the fuel and chemicals group swung into a full-year loss and will now prepare to execute a rights issue to pay down almost R200bn in debt.
In an earnings report that showed the extent of damage caused by the Covid-19 pandemic and the oil price collapse, Sasol — which sells fuel made from coal at the same regulated price as those that import and refine crude — swung into a R91.3bn loss after writing down the value of its assets by R112bn, the bulk of which related to its Lake Charles chemical project in the US...
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