Johannesburg, South Africa – Sasol Limited is pleased to announce the successful implementation of Sasol Khanyisa and the acceleration of our transformation journey.
Sasol Khanyisa is Sasol’s new R21 billion Broad-Based Black Economic Empowerment ownership structure with approximately 230 000 shareholders owning 53 million Sasol South Africa (SSA) shares representing 25% direct and indirect ownership in SSA. Sasol South Africa is a wholly-owned subsidiary of Sasol and houses Sasol’s most cash generative assets, which include its synthetic fuels, chemicals and gas businesses.
“The implementation of Sasol Khanyisa marks a significant milestone in Sasol’s transformation journey. We believe that Sasol Khanyisa will not only realise sustainable and long-term value for our Black South African shareholders but also for our participating staff,” said Bongani Nqwababa, Joint President and Chief Executive Officer of Sasol Limited.
“Transformation in the form of share ownership in Sasol South Africa by previously disadvantaged groups, is an important business, social and moral imperative for Sasol. As a responsible corporate citizen, it is our ethical duty to take decisive action to contribute meaningfully towards redressing the injustices of our country’s past,” said Stephen Cornell, Joint President and Chief Executive Officer of Sasol Limited.
Sasol’s transformation journey is closely aligned to the strategic objectives of the triple BEE Codes of Good Practice. The company is actively driving a number of initiatives that are already making a significant contribution in redefining its empowerment landscape. Advancing ownership of Sasol by Black South Africans is a significant step in realising its long-term transformation objectives.
Through Sasol Khanyisa the company is prioritising the inclusion of Black South Africans, which includes public shareholders and eligible employees, in the ownership of Sasol South Africa, which is a major operating subsidiary of Sasol Limited.
Sasol Inzalo shareholders and Sasol Limited BEE Ordinary (SOLBE1) shareholders who elected to retain their SOLBE1 shares were afforded an opportunity to participate in Sasol Khanyisa and receive bonus SOLBE1 shares in this regard (unless they rejected their free share allocation from 16 April to 11 May 2018).
Qualifying Sasol employees will also participate in Sasol Khanyisa Employee Share Options Plan (Khanyisa ESOP). The key qualifying criteria for employees is:
- Sasol employees who participated in the Sasol Inzalo Employee Scheme, and who are permanently employed as at 1 June 2018, will participate in Phase 1 and are eligible for R100 000 rights to Sasol Ordinary shares which will vest in 2021;
- All Black (African, Indian, Coloured) who are permanently employed as at 1 June 2018, will also participate in Phase 2 and are eligible for 1240 Sasol Khanyisa rights to shares which will vest in June 2028 or earlier of settlement of funding obligation;
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”.