Sasol chief executive Pat Davies says he expects the details of a “large” empowerment deal to be announced later this year.
Davies first mentioned the deal in the company’s full year results announcement last year, when he said RMB had been appointed as advisors on the proposed deal.
At the time an analyst told I-Net Bridge that Sasol still had to empower some of its chemical interests as well as its massive synfuels business.
In March last year, Sasol Mining announced an empowerment venture with Eyesizwe Coal, a black owned mining company, which, according to Sasol, pushed the division’s black economic empowerment (BEE) ownership component to 8%.
Igoda, as the venture was named, was said to be worth R225-million, with Sasol owning 65% and Eyesizwe the rest.
At the time Sasol mining announced plans to advance the second phase of its broad-based black economic empowerment ownership strategy that will see it achieve about 20% BEE shareholding by 2009 and full compliance with the Mining Charter’s target of 26% by 2014, according to the statement.
At the end of June the sale of 25% of Sasol Oil to Tshwarisano, a BEE group, for R1,45-billion was announced. ‒ I-Net Bridge