Sasol Inzalo partially refinanced
Sasol announced on Thursday that its broad-based black economic-empowerment (BBBEE) transaction, Sasol Inzalo, has been partially refinanced, making a significant contribution to reducing its financing costs.
The refinancing would see shareholders of Sasol Inzalo Public and Sasol Inzalo Groups benefitting from a reduction in the dividend rate on the C-preference shares used for the funding of special purpose vehicles of these companies.
The result was a more favourable rate of 68% of the prime interest rate compared with the previous 80.3% of the prime interest rate.
The D-preference shares had also been redeemed from the purchase price received for the additional C-preference shares issued to the current holders of the C-preference shares. Shareholders would benefit from an equivalent reduction in the interest rate on this tranche of the debt.
“This is a significant step in reaffirming Sasol Inzalo as an attractive investment option for shareholders and potential shareholders. We firmly believe in the long-term investment value of Sasol Inzalo.
“We are committed to our shareholders and want to take every step possible to ensure we achieve our objective of giving South Africans the opportunity to benefit from this transaction,” commented Sasol Sustainability and Human Resources director and VP Nolitha Fakude.
Sasol Inzalo Public had around 214 000 shareholders, making it one of the largest BBBEE transactions in South Africa.
It was established in 2008 when one of the choices offered to qualifying South Africans was participating in a funded invitation to become shareholders in this entity. Sasol Inzalo Public held around 16-million shares in Sasol.
Sasol Inzalo Public ordinary shareholders were also entitled to trade their shares.
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