WEDNESDAY, 10.30AM
THE Industrial Development Corporation has sold a portion of its stake in oil-from-coal parastatal Sasol to finance its $125-million commitment to a Maputo aluminium smelter project, and will sell off the rest of its 10% Sasol stake over the next few years.
Speaking at an interview at the Europe in SA conference in Edinburgh, Scotland, on Tuesday, IDC CEO Khaya Ngqula said the sale of the IDC’s 10% stake in Sasol is expected to raise R3-billion. Ngqula added that the IDC has decided to retain its 16% stake in iron-and-steel parastatal Iscor.
Ngqula explained that the Sasol sell-off is a result of a strategy to divest from mature businesses in favour of making project finance available to meet the demands of the new SA business environment.