Sasol, which flirted with disaster in March last year when its share price went into free-fall amid a global oil price collapse and concerns about spiralling debt, is back in calmer waters.

Not only is a rights issue, which would bring with it dilution for existing shareholders, finally off the table, but the group reported this week that in the six months to end-December its earnings before interest, tax, depreciation and amortisation (ebitda) declined 6%, a relatively strong performance given the headwinds the group has faced...

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