Sasol will list its black empowerment shares on a new trading facility on the JSE, the two parties announced on Tuesday.
The new JSE BEE (black economic empowerment) scheme share-trading facility allows shareholders to trade with only those compliant with the BEE listing requirements of the bourse.
“In the new BEE segment of the main board, the JSE will list only those shares which the companies indicate may only be held by people defined as ‘BEE compliant’ in the JSE listing requirements,” the JSE and Sasol said in a statement.
Sasol Inzalo BEE ordinary shares will list on the BEE scheme share-trading facility from February 7.
From November last year, shareholders of Sasol BEE ordinary shares were allowed to trade their shares with other black people or groups as defined by the Broad-Based Black Economic Empowerment Act.
“To date these shareholders have been able to trade shares via an over-the-counter [OTC] trading platform.
“The process was cumbersome for shareholders as they had to identify a qualified buyer for their shares and agree a price between themselves.”
The JSE’s facility eliminates the need to find qualifying potential buyers.
Safeguards
“The JSE believes that the safeguards of a transparent and regulated market prompt a safer, more liquid trading environment than OTC trading,” said Leanne Parsons, head of the equity market and chief operating officer of the JSE.
“This view is shared by the clients who approached us about the creation of the BEE scheme share-trading offering.”
Sasol is the first company to list on the JSE’s BEE segment.
“By listing on the JSE, many Sasol Inzalo shareholders will be exposed to the trading process on the JSE for the first time, empowering them with the knowledge to use in future share trading,” said Nolitha Fakude, Sasol executive director.
“Both the Sasol Inzalo share invitations were designed as long-term investments.
“However, shareholders may decide to sell some or all of their shares at any time during the full empowerment period, which ends on September 8 2018.
“There is no obligation for shareholders to sell or otherwise transfer their shares during this limited trading period. Shareholders may want to seek guidance from a licensed financial adviser before deciding on whether to sell their shares.”
Investors can visit Sasol’s website at www.sasol.com/inzalo for information relating to the trading of Sasol Inzalo shares, and roadshows will take place in February and March to explain how trading works. — Sapa