SASOL’S EXPENSIVE BEE DEAL R12bn
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.