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29 May 2008
Sasol today announced the names of 50 black groups selected to participate in Sasol's R28 billion broad-based Inzalo BEE transaction. The total share value of
the selected groups is approximately R4,2 billion, based on Sasol's market capitalisation as of 27 May 2008.
"The selected participants include women's groups in energy and mining,
Sasol's business suppliers, customers, franchisees and trade union investment
companies, as well as groups focusing on broader empowerment objectives such as
skills and community upliftment projects. Professional associations have also
been included," says Sasol executive director Nolitha Fakude.
The broad-based group participation announcement follows the 16 May 2008
approval of the entire Sasol Inzalo transaction by Sasol's shareholders. In
terms of the Inzalo transaction, participants will acquire a 10% ownership of
Sasol's share capital as follows: broad-based groups (1,5%); members of the
black public (3%); Sasol Employees (4%) and the Sasol Inzalo Foundation (1,5%).
"The groups that we have chosen as selected participants meet two broad
requirements - those that already have a business relationship with Sasol, and
those that can readily assist us in meeting our important objectives in terms of
skills development and maths education and community upliftment," says Sasol CE
Pat Davies.
Fakude, who is leading the Sasol Inzalo invitation on behalf of Sasol said
the broad-based group selection followed a rigorous eight month long process.
A total of 19 broad-based BEE groups and 31 BEE groups which have a business
relationship with Sasol (involved groups) have to date accepted an invitation to
participate, while transactions with a limited number of groups are being
concluded. These groups were selected out of 486 applications.
Included in the involved group are two union investment groups, CEPPWAWU
Investments and NACTU Investment Holdings (Proprietary) Limited, on behalf of
members employed at Sasol, with NACTU representing SACWU.
The single largest involved participant, with exposure to R820 million Sasol
shares, is Abrina, a group established by Sasol's retail convenience centre
franchisees. The shareholding in Abrina includes about 3 900 employees of the
individual franchisees who will benefit from 37,5% of the share capital of
Abrina through a trust. Another 234 Abrina shareholders representing
approximately 100 franchise owners will hold the balance of the shares in Abrina.
About 85% of the benefit accruing to Abrina will be for the benefit of black
people.
On the broad-based group front, Sasol selected nine organisations and groups
involved in skills and community development. Participants include the CIDA
Empowerment Fund and the Centre for the Advancement of Science & Maths
Education.
Professional organisations and associations that will participate include the
Association for Advancement of Black Accountants in South Africa and the Black
Information Technology Empowerment Company Limited.
There are still a limited number of groups with whom final agreements need to
be signed. These groups are in the interim being held in a facilitation trust
until such time as agreements with them have been concluded. The names of the
last, limited number of groups to be transacted with, will be made known once
their participation has been finalised.
An important focus area for Sasol is the participation of black women's
groups and especially those in energy and mining. Says Fakude, "It was important
for us that black women's groups participated meaningfully in this transaction".
The black women groups include among others; Amandla Esizwe Consortium, South
African Women in Mining Investment Holding, Women in Oil and Energy South
Africa, and the Western Cape Women Investment Forum.
The selected participants and their participation in the selected participant
category can be viewed on the Sasol website: www.sasol.com
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