SASOL’S EX­PEN­SIVE BEE DEAL R12bn

Finweek English Edition - - The Week -

Petro­chem­i­cal gi­ant Sasol will write off R12bn in debt re­lated to its In­zalo BEE deal, an­nounced in 2008, af­ter a fall in oil prices hit its shares, Reuters re­ported. Sasol said it ex­pects there will be no dis­tri­bu­tion of Sasol shares to the more than 250 000 par­tic­i­pants in In­zalo. In­zalo share­hold­ers re­ceived R2.1bn in div­i­dends over the life of the scheme, while R5.1bn of div­i­dends was used to pay off debt. Sasol’s com­plex new R21bn scheme will run un­til 2028, will be funded by the com­pany and not de­pend on share price fluc­tu­a­tions, Reuters re­ported.

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