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29 May 2008 17:50
Sasol on Wednesday announced the 50 black groups which will share in its R28-billion black economic empowerment (BEE) Inzalo transaction.
They included energy and mining women’s groups, Sasol business suppliers, customers, franchisees and trade union investment companies, groups conducting skills and community upliftment projects, and professional associations, said Sasol executive director Nolitha Fakude.
Sasol shareholders approved the Sasol Inzalo transaction on May 16, the company said in a statement, adding that participants would acquire a 10% ownership of Sasol’s share capital.
Of this, 1,5% was allocated to broad-based groups, 3% to members of the black public, 4% to Sasol employees, and 1,5% to the Sasol Inzalo Foundation.
Sasol said the total share value of the groups selected was about R4,2-billion, based on Sasol’s market capitalisation on May 27.
The groups either had a relationship with Sasol already, or could help it meet its skills development objectives in maths education and community upliftment, said Sasol chief executive Pat Davies.
Fakude said 40 groups had accepted Sasol’s invitation to participate and transactions were still being concluded with the rest.
The largest participant was Abrina, a group established by Sasol’s retail convenience centre franchisees, with exposure to R820-million Sasol shares.
Groups already in a relationship with Sasol included union investment groups the Chemical, Energy, Paper, Printing, Wood and Allied Workers’ Union (Ceppwawu) Investments and the National Council of Trade Unions (Nactu) Investment Holdings.
They were acting on behalf of members employed at Sasol, with Nactu representing South African Chemical Workers’ Union members.
On the skills development side were, among others, the Cida Empowerment Fund, the Centre for the Advancement of Science and Maths Education, the Association for Advancement of Black Accountants in South Africa, and the Black Information Technology Empowerment Company Limited.
The black women’s groups included Amandla Esizwe Consortium, South African Women in Mining Investment Holding, Women in Oil and Energy South Africa, and the Western Cape Women Investment Forum. - Sapa
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