Sasol disbands Inzalo BEE scheme, launches new scheme
Petrochemical giant Sasol has announced that it will be disbanding Sasol Inzalo, its BEE scheme, when it matures next year. Instead, it will be launching a replacement scheme, the R21-billion Khanyisa.
Pictured: Sasol CFO, Paul Victor
Sasol has however said that, based on the closing Sasol Ordinary share price (SOL) of R389 on 4 September 2017, Inzalo shareholders will not be receiving any Sasol shares when the Inzalo scheme ends in 2018, due to the fund's debt (the scheme was unable to service debt due to low oil prices and lacklustre share performance).
The ownership structure of the new Khanyisa fund hopes to achieve 20 percent direct black ownership in Sasol South Africa, for a period of up to ten years. Vendor financed, it will be anchored in Sasol's assets in South Africa.