South African energy and chemical company Sasol today announced that Tshwarisano LFB Investment (Pty) Limited (Tshwarisano), its broad-based black economic empowerment (BEE) partner, would acquire a 12,5% interest in Uhambo Oil Limited (Uhambo Oil) for an amount of R 1,45 billion. The Uhambo Oil transaction is subject to Competition Tribunal approval.

• PulaNala, an Mpumalanga-based consortium comprising various 100% black-owned groupings and associations. These include the Embalenhle Association for the Aged, the Basizeni School for the Disabled, Phakamani Women's Projects, Youth for Revolution of Goodwill, the Zimeleni Disabled Association and the Thanda Empowerment Trust, which has a presence in 30 Mpumalanga townships;

• Lelethu Energy and Mineral Group which comprises many 100% black-owned groups mainly domiciled in the Eastern Cape. These include Kholekani Investments, the Early Bird Sewing project, the Masibambane Disabled Centre, the Galacia Investment Trust and the Ikwezi Youth Development. Nearly 80% of this group is represented by women;

• Tswelopele Mineral and Energy Holdings which includes various 100% black-owned groups such as the Uphaphe Empowerment Trust, Kopano Utilities and Resources (a Cosatu investment company) and Libalele Property Enterprises, an urban women's group.

• Amandl'Embokodo is a wholly black-owned women's consortium with about 1 400 direct beneficiaries and an estimated 250 000 indirect beneficiaries. The main groups involved include Dyonodisani Women in Oil, Gas and Energy (Pty) Limited, Fukama Trust, Helping Hand Investment Holding (Pty) Limited, Motsheo Trust and African Women in Mining and Energy Focus.

• previous Exel shareholders will hold about 47% of the equity in Tshwarisano. Major participants include Nozweni (Pty) Limited, the Autoworkers provident and pension funds and Phakisang Investments (Pty) Limited.
• Nozweni is jointly owned by the Nozala Trust and Nozala Resources. The Nozala Trust is established for the benefit of about 500 000 needy and mostly rural women. Nozala Resources is represented by a number of prominent business women and contributes 20% of its dividends to the Nozala Trust for upliftment programmes.

• The Autoworkers provident and pension funds have about 145 000 members who mostly work in retail fuel service stations. More than 98% of the beneficiaries of these funds are black people.

• Phakisang Investments is represented by previous long-serving shareholders in Exel who have had, or continue to have, investments in retail fuel service stations.

• it will be enduringly broad-based with a high proportion of women participants;
• all shareholdings will be financially secure and unencumbered as soon as possible so that benefits will flow to the beneficiaries within a reasonable time period; and
• the broad-based beneficiaries' shareholdings will be properly governed.

• through Sasol Financing (Pty) Limited, and jointly with JP Morgan and Nedbank, arrange and structure the senior-debt financing required by Tshwarisano amounting to about R1,1 billion;
• provide guarantees for this debt to the participating banks which will lower the cost of borrowing to be incurred by Tshwarisano during the debt term by an estimated R450 million;
• waive and not recover guarantee fees which would normally be charged to the beneficiaries resulting in a further benefit to Tshwarisano of R170 million; and
• pay advising, arranging and structuring fees to Tshwarisano's advisors amounting to about R80 million.