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Sasol response to Solidarity dispute regarding Sasol Khanyisa

Date: 
09 January 2018

Johannesburg, South Africa – On 1 June 2018, Sasol Khanyisa, Sasol’s new R21 billion Broad-Based Black Economic Empowerment (B-BBEE) ownership structure, will be implemented to achieve effective direct and indirect B-BBEE ownership of at least 25% in Sasol South Africa, a wholly-owned subsidiary of Sasol.

Sasol’s intention is not to create a divide between its Black and White employees, but to participate in the transformation of the South African economy, to the benefit of all citizens.

In line with our values, we view transformation as a strategic, business and social imperative – it is the right thing to do. As a company proudly rooted in our South African heritage, we embrace our transformation objectives.

Broad-Based Black Economic Empowerment (B-BBEE) is a key enabler for economic transformation and inclusive growth, which is important for South Africa’s long term sustainability.

B-BBEE is aimed at redressing the imbalances of the past by seeking to substantially and equitably transfer the ownership, management and control of South Africa’s financial and economic resources to the majority of its citizens. This is in order to ensure broader and meaningful participation in the economy by all citizens and especially Black South African citizens (African, Indian, Coloured who were previously excluded from such participation) to achieve sustainable development and prosperity. 

The programme does not aim to take wealth from one race group and give it to another. It is essentially an economic growth strategy, targeting the South African economy’s weakest point: inequality.

When Sasol Inzalo was initiated in 2008, the transaction had key qualifying criteria for employees:

Permanent South African employees in non-managerial positions; and
Black Permanent South African employees in managerial positions
Sasol Khanyisa also has key qualifying criteria for employees:

Eligible Inzalo employees are those who are actively employed by Sasol on 18 May 2018, which includes the White Inzalo participants; and
Black (African, Indian, Coloured) permanent employees 

For those that are unable to participate in the new transaction, Sasol offers many incentives and benefits as part of its Employee Value Proposition, which are available to all race groups.

 

Sasol may, in this document, make certain statements that are not historical facts that relate to analyses and other information which are based on forecasts of future results and estimates of amounts not yet determinable. These statements may also relate to our future prospects, developments and business strategies. Examples of such forward-looking statements include, but are not limited to, statements regarding exchange rate fluctuations, volume growth, increases in market share, total shareholder return, executing our growth projects (including LCCP), oil and gas reserves and cost reductions, including in connection with our BPEP, RP and our business performance outlook. Words such as “believe”, “anticipate”, “expect”, “intend", “seek”, “will”, “plan”, “could”, “may”, “endeavour”, “target”, “forecast” and “project” and similar expressions are intended to identify such forward-looking statements, but are not the exclusive means of identifying such statements. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and there are risks that the predictions, forecasts, projections and other forward-looking statements will not be achieved. If one or more of these risks materialise, or should underlying assumptions prove incorrect, our actual results may differ materially from those anticipated. You should understand that a number of important factors could cause actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements. These factors are discussed more fully in our most recent annual report on Form 20-F filed on 28 August 2018 and in other filings with the United States Securities and Exchange Commission. The list of factors discussed therein is not exhaustive; when relying on forward-looking statements to make investment decisions, you should carefully consider both these factors and other uncertainties and events. Forward-looking statements apply only as of the date on which they are made, and we do not undertake any obligation to update or revise any of them, whether as a result of new information, future events or otherwise.
 
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”. 
 
Comprehensive additional information is available on our website: www.sasol.com