Sasol Inzalo Public is to distribute about R1.3 billion to its shareholders in the form of a cash payment on 17 September 2018.
The cash distribution comes to wind down the 10 years old broad based black economic empowerment (B-BBEE) transaction of petrochemicals giant Sasol. The R1.3 billion is the difference after Sasol bought back its shares from Sasol Inzalo Public for about R8.7 billion and after the B-BBEE structure repaid outstanding funding of R7.4 billion.
Each Sasol Inzalo Public (SIPBEE) shareholder will receive R85.63 per share (less dividends withholding tax of 20%, if applicable).
Sasol announced today that on Friday, 7 September 2018 it repurchased 16,1 million Sasol preferred ordinary shares from the concerned B-BBEE structure at R542,11 per share. A 30-day volume weighted average share price (as at 6 September 2018) was used to calculate the price for the Sasol preferred ordinary shares.
Sasol said “This marks the end of the Sasol Inzalo transaction. Sasol Inzalo Public Limited will delist from the JSE on Tuesday, 18 September 2018.
“SIPBEE shareholders are encouraged to contact Computershare to update their contact and bank details as the cash distribution will be paid on 17 September 2018. Contact Computershare at email@example.com or call 0800 000 222 toll-free (South African calls) and +27(0)11 370 7700 (International calls).