Guiding consumers since 2009

Sasol announces BEE partners

By Staff Writer

Sasol has announced the 50 black groups which will share in its R28 billion black economic empowerment (BEE) Inzalo transaction.

They include energy and mining women's groups, Sasol business suppliers, customers, franchisees and trade union investment companies, groups conducting skills and community upliftment projects, and professional associations, said Sasol executive director Nolitha Fakude.

Sasol shareholders approved the Sasol Inzalo transaction on May 16, the company said, adding that participants would acquire a 10 percent ownership of Sasol's share capital. Of this, 1.5 percent was allocated to broad-based groups, 3 percent to members of the black public, 4 percent to Sasol employees, and 1.5 percent to the Sasol Inzalo Foundation.

Sasol said the total share value of the groups selected was about R4.2 billion, based on Sasol's market capitalisation at May 27. The groups chosen either had a relationship with Sasol already, or could help it meet its skills development objectives in maths education and community upliftment, said Sasol chief executive Pat Davies.

Fakude said 40 groups had accepted Sasol's invitation to participate. Transactions were still being concluded with the rest. The largest participant was Abrina, a group established by Sasol's retail convenience centre franchisees, with exposure to R820 million Sasol shares.

Groups already in a relationship with Sasol included union investment groups the Chemical, Energy, Paper, Printing, Wood and Allied Workers' Union (Ceppwawu) Investments and the National Council of Trade Unions (Nactu) Investment Holdings. They were acting on behalf of members employed at Sasol, with Nactu representing South African Chemical Workers' Union members.

On the skills development side were, among others, the CIDA Empowerment Fund, the Centre for the Advancement of Science and Maths Education, the Association for Advancement of Black Accountants in South Africa, and the Black Information Technology Empowerment Company Ltd.

The black women's groups included Amandla Esizwe Consortium, South African Women in Mining Investment Holding, Women in Oil and Energy South Africa, and the Western Cape Women Investment Forum.

Recent Articles

Featured How are you taxed on your retrenchment package?

Unemployment is one of the biggest problems in South Africa. The emergence of the Covid-19 pandemic has exacerbated the situation with a lot of companies retrenching their employees.  When retrenched, you’ll receive a retrenchment package, but do you know how much tax you’re liable for?

Car repossessed – don’t be taken for a ride

When the country is facing an economic downturn, chances are your finances will feel the pinch. This can lead you to make bad financial decisions such as skipping your vehicle payments. But every decision has consequences and if you don’t pay your instalment, the bank will repossess your car. But what can you do when this happens?

 

Why you should consider gap cover

Your medical aid should protect you from incurring large medical bills when you’re sick. But what if your plan doesn’t cover the full cost of your medical expenses? We got in touch with insurance experts to find out whether gap cover is worth having.

Debt relief - What is your bank offering?

Going through a financial crisis is stressful whether it be as a result of losing your job, being short-paid, having to fork out towards an emergency payment, or finding yourself in the midst of a global pandemic. This is especially taxing if you have a debt to service. It is against this backdrop that banks are increasingly offering payment holidays. Justmoney looks at the various debt relief options available to you from the big five banks.

Deals

Premier Hotel and Resorts Special For Senior Citizens

Price: Available on request
When: Daily
Where: Nationwide

The President hotel 10% discount for locals

Price: Available on request
When: Until 31 October 2020
Where: Cape Town

Get 40% off when you book your stay at Colosseum Hotel

Price: Available on request
When: Until 13 December
Where: Cape Town


Latest Guide

Guide to debt rehabilitation solutions