Sasol, the world’s largest producer of fuels from coal, on Monday said it had bought back 6% of its own shares at a cost of R11,2-billion on the open market between March last year and September this year.
The company said in a statement to the JSE that the purchases were made through its wholly owned subsidiary Sasol Investment Company.
Sasol was given the go-ahead by shareholders to repurchase its shares at an annual general meeting held at the end of November last year.
By the end of June this year, 37 093 117 ordinary shares in aggregate had been repurchased, which is equivalent to about 5,88% of Sasol’s issued share capital on the date that the authority was given.
While the repurchase programme was suspended during Sasol’s closed periods between December 31 2007 and March 25 2008 and between June 30 2008 and September 9 2008, it recommenced last week Wednesday on a day-to-day basis as market conditions allowed.
By close of trading on Thursday, a further 800 000 Sasol ordinary shares had been repurchased, bringing the total to 37 893 117 Sasol ordinary shares — or the equivalent of 6,01% of the issued share capital of Sasol on the date that the authority was given.
Sasol said the shares that had been repurchased since the programme started in March 2007 totalled R11,2-million with the lowest price paid being R215,48 and the highest R348, or an average price of R295,61.
The company said it still has authority to buy back 25 142 078 ordinary shares, or the equivalent to 3,99% of the total issued ordinary share capital of Sasol.
Sasol has until the next annual general meeting scheduled for November 28 this year to make those purchases.
The company said repurchases were funded from available cash resources. — I-Net Bridge