Johannesburg, South Africa – Sasol has signed an agreement with Ngonyama Capital Proprietary Limited (Ngonyama) appointing Ngonyama to provide market making services for Sasol BEE Ordinary (“SOLBE1”) shares, which are listed on the empowerment segment of the JSE. The objective of the appointment is to enhance the value proposition of SOLBE1 shares and to increase liquidity of SOLBE1 shares in the open market.
“Transformation in the form of share ownership in Sasol by Black South Africans is a business, social and moral imperative for us and essential to bring about a more inclusive economy,” said Paul Victor, Chief Financial Officer at Sasol. “Our agreement with Ngonyama aims to unlock additional value by introducing a market marker that can facilitate liquidity of SOLBE1 shares thereby improving its investment proposition for Sasol’s current and prospective Black shareholders.”
Under the agreement, Ngonyama will buy and sell SOLBE1 shares in the open market for its own account and sole risk, independent of and without influence by Sasol. The agreement with Ngonyama will come into effect on Thursday, 21 February 2019 and may be terminated on notice by either party within the three year period of the agreement.
*Black defined as African, Indian and Coloured South Africans per the B-BBEE Codes of Good Practice.
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Please note: One billion is defined as one thousand million. bbl – barrel, bscf – billion standard cubic feet, mmscf – million standard cubic feet, oil references brent crude, mmboe – million barrels oil equivalent. All references to years refer to the financial year 30 June. Any reference to a calendar year is prefaced by the word “calendar”.
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