16 May 2008
At a general meeting held today in Rosebank, Sasol shareholders approved Sasol's groundbreaking R30 billion broad-based black economic empowerment transaction - Sasol Inzalo BEE Transaction. In terms of the Sasol Inzalo BEE Transaction, participants will acquire ownership of 10% of Sasol's share capital as follows
- Members of the black public (3%)
- Broad based BEE groups and groups and trade unions involved in Sasol's business selected by Sasol (1,5%)
- Sasol employees (4%)
- the Sasol Inzalo Foundation (1,5%).
The decision paves the way for the transaction to be implemented. A further announcement in this regard will be made next week.
"We appreciate the overwhelming support of our shareholders and their vote of confidence that enables us to move ahead and forge a significant broad-based empowerment deal that will give millions of ordinary South Africans a stake in Sasol," says Sasol Chairman Pieter Cox.