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Sasol Ltd (SSL.N)

SSL.N on New York Stock Exchange

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Latest Key Developments (Source: Significant Developments)

Sasol increases existing revolving credit facility to US$3,9 bln
Thursday, 23 Nov 2017 04:04am EST 

Nov 23 (Reuters) - SASOL LTD ::‍SASOL SIGNS US$3,9 BILLION FIVE-YEAR REVOLVING CREDIT FACILITY​.‍INCREASED EXISTING US$1.5 BILLION REVOLVING CREDIT FACILITY TO US$3,9 BILLION AND EXTENDED MATURITY TO FIVE YEARS​.SASOL - ‍LAUNCHED TRANSACTION WITH TARGETED FACILITY SIZE OF US$3,0 BILLION, WHICH WAS SUBSEQUENTLY INCREASED TO US$3,9 BILLION, GIVEN NOTABLE OVERSUBSCRIPTION​.  Full Article

Sasol Ltd says will not invest in further greenfields gas-to-liquids projects
Thursday, 23 Nov 2017 01:00am EST 

Nov 23 (Reuters) - SASOL LTD ::TO DATE, SASOL HAS COMPLETED REVIEWS ON MORE THAT HALF OF ITS GLOBAL ASSETS.REVIEWS HAVE CONFIRMED THAT THE MAJORITY OF THE CO’S ASSETS WILL BE RETAINED.REVIEWS CONDUCTED IDENTIFY CANADIAN SHALE GAS ASSET AS BEING NON-CORE; WILL COMMENCE DIVESTMENT PROCESS INVOLVING PARTNER PROGRESS ENERGY.IN CO'S CHEMICALS BUSINESS, WILL PROGRESSIVELY GROW ITS PORTFOLIO OF SPECIALTY CHEMICALS.ON THE UPSTREAM FRONT, WILL PURSUE GROWTH IN E&P BOTH IN MOZAMBIQUE AND IN SELECTED COUNTRIES IN WEST AFRICA.IN THE 2022 PLUS TIMEFRAME, CONFIDENT THAT WILL BE IN A POSITION TO INCREASE DIVIDEND PAYOUT TO 45 PERCENT OR 2,2 TIMES COVER.WILL NOT INVEST IN FURTHER GREENFIELDS GAS-TO-LIQUIDS (GTL) PROJECTS; WILL NO LONGER PURSUE PROPOSED GTL PROJECT IN THE US.VALUE PROPOSITION FOR CO TO BUILD NEW GTL PROJECTS IS "UNECONOMIC" AGAINST A VOLATILE EXTERNAL ENVIRONMENT.DECIDED NOT TO INVEST IN ANY ADDITIONAL CRUDE OIL REFINING CAPACITY.  Full Article

Sasol amends plan to issue shares to settle Sasol Inzalo debt
Monday, 9 Oct 2017 01:30am EDT 

Oct 9 (Reuters) - SASOL LTD ::SASOL AMENDS PLAN TO ISSUE ADDITIONAL SHARES TO SETTLE EXPECTED OUTSTANDING SASOL INZALO DEBT .‍AMENDS PLAN TO ISSUE ADDITIONAL SHARES TO SETTLE EXPECTED OUTSTANDING SASOL INZALO DEBT​.‍BASED ON RECENT TRADING OF SHARE PRICE, CURRENT CONDITIONS WOULD NOT ALLOW CO TO MEET 2008 OBLIGATIONS AND CREATES A FUNDING SHORTFALL OF R2 BILLION- R3 BILLION​.‍SHORTFALL WILL BE MADE GOOD BY SASOL IN TERMS OF A GUARANTEE GRANTED IN RESPECT OF A PORTION OF PREFERENCE SHARE FUNDING​.‍NOW UNDERTAKING TO EXPLORE, IN CONSULTATION WITH EXTERNAL BANKS AND INZALO FUNDCOS, DIFFERENT FUNDING OPTIONS TO SETTLE RELEVANT FINANCING OBLIGATION​.‍NO LONGER PURSUE PREFERRED FUNDING OPTION OF ISSUING UP TO 43 MILLION ORDINARY SHARES THROUGH AN ACCELERATED BOOK-BUILD PROCESS​.‍INTENTION IS TO MITIGATE AMOUNT OF SHAREHOLDER DILUTION WHILST STILL MAINTAINING CO'S INVESTMENT GRADE CREDIT RATING​.‍WILL COMMUNICATE ITS FINAL PLAN FOR SETTLING INZALO FUNDCOS' DEBT IN FEBRUARY 2018​.  Full Article

Sasol Inzalo Public says share transaction will unwind in 2018
Friday, 22 Sep 2017 04:12am EDT 

Sept 22 (Reuters) - SASOL INZALO PUBLIC LTD (RF) ::SASOL INZALO SHARE TRANSACTION WILL UNWIND IN 2018.RECORDED NET LOSS FOR YEAR ENDED 30 JUNE 2017 OF R106 MILLION (2016: R95 MILLION).BOARD OF DIRECTORS HAS CONCLUDED THAT NO CASH DIVIDEND SHOULD BE DECLARED FOR YEAR ENDED 30 JUNE 2017.SUFFICIENT CASH IS EXPECTED TO BE GENERATED OUT OF DIVIDENDS THAT WILL BE RECEIVED FROM SASOL LIMITED.  Full Article

Sasol says Sasol Inzalo Employee Trusts to end in 2018
Wednesday, 20 Sep 2017 01:05am EDT 

Sept 20 (Reuters) - Sasol Ltd ::SASOL LTD - SASOL INZALO EMPLOYEE TRUSTS WILL COME TO AN END IN 2018 AND SEPARATELY NEW SASOL KHANYISA EMPLOYEE SHARE OWNERSHIP PLAN WILL BE IMPLEMENTED.SASOL - INZALO FUNDCOS WILL BE REQUIRED TO DISPOSE OF PREFERRED ORDINARY SHARES IN ORDER TO BE IN A POSITION TO REDEEM PREFERENCE SHARE FUNDING AND CUMULATIVE DIVIDENDS IN 2018.ANY SHORTFALL IN VALUE OF PREFERRED ORDINARY SHARES HELD BY INZALO FUNDCOS WILL BE MADE GOOD THROUGH A SUBSCRIPTION OF SHARES BY SASOL IN INZALO FUNDCOS.SASOL INZALO FOUNDATION WILL BE RENAMED.SASOL - BASED ON CLOSING OF R389 ON 4 SEPT, THERE WILL BE NO DISTRIBUTION OF SOL SHARES TO PARTICIPANTS IN SASOL INZALO EMPLOYEE TRUSTS WHEN SASOL INZALO TRANSACTION ENDS IN 2018..  Full Article

Sasol says FY headline earnings per share down 15 pct to 35.15 rand
Monday, 21 Aug 2017 01:30am EDT 

Aug 21 (Reuters) - SASOL LTD ::FY SALES VOLUMES FOR BASE CHEMICALS UP 3% AND PERFORMANCE CHEMICALS UP 2%.FY HEADLINE EARNINGS PER SHARE OF 35.15 RAND.EXPECT AN OVERALL STRONG OPERATIONAL PERFORMANCE FOR 2018.SAYS BOARD HAS DECLARED A GROSS FINAL DIVIDEND OF R7,80 PER SHARE.FOR 2018 NORMALISED OPERATING PROFIT IS ESTIMATED TO BE BETWEEN R3 BILLION TO R5 BILLION.FOR 2018 BASE CHEMICALS US DOLLAR PRODUCT PRICES TO RECOVER DURING YEAR.FOR 2018 SOUTH AFRICAN BASE CHEMICALS SALES VOLUMES TO BE BETWEEN 3% TO 5% HIGHER THAN THE PRIOR YEAR.SEES CAPITAL EXPENDITURE, INCLUDING CAPITAL ACCRUALS, OF R59 BILLION FOR 2018 AND R37 BILLION FOR 2019.FY SECUNDA SYNFUELS OPERATIONS (SSO) INCREASED PRODUCTION VOLUMES BY 1% TO RECORD 7,83 MILLION TONS.FY TURNOVER OF 172.41 BILLION RAND VERSUS 172.94 BILLION RAND YEAR AGO.FY PROFIT BEFORE TAX OF 30.01 BILLION RAND VERSUS 23.72 BILLION RAND YEAR AGO.  Full Article

Sasol sees FY HEPS to decrease between 11 pct and 21 pct
Tuesday, 25 Jul 2017 02:00am EDT 

July 25 (Reuters) - SASOL LTD ::FY EARNINGS PER SHARE (EPS) FOR FINANCIAL YEAR ENDED 30 JUNE 2017 ARE EXPECTED TO INCREASE BY BETWEEN 48 PCT AND 58 PCT (APPROXIMATING R10,40 TO R12,56 PER SHARE).FY HEADLINE EARNINGS PER SHARE (HEPS) FOR SAME YEAR ARE EXPECTED TO DECREASE BY BETWEEN 11% AND 21% (APPROXIMATING R4,55 TO R8,69 PER SHARE).PRIOR YEAR EPS WAS NEGATIVELY IMPACTED BY R9,9 BILLION IMPAIRMENT OF OUR CANADIAN SHALE GAS ASSETS.  Full Article

Sasol says entered into number of hedges for the year
Tuesday, 2 May 2017 02:00am EDT 

May 2 (Reuters) - Sasol Ltd ::Nine month saleable production from mining at 26.3 million tons versus 29.8 million tons year ago.During the course of FY17, Sasol has entered into a number of hedges to mitigate specific financial risks.During FY17, co entered into hedges against the downside risk in the crude oil price (FY17 and Q1 FY18), rand strengthening against major currencies.  Full Article

Sasol completes majority of Rand/US dollar hedging programme for FY 2018
Tuesday, 11 Apr 2017 09:55am EDT 

Sasol Ltd : Has completed majority of its Rand/US dollar hedging programme for 2018 financial year ending on June 30, 2018 using zero-cost collar instruments . Hedges with total notional amount $4 billion (averaging $1 billion per quarter) put into place, with annual average floor R13,46/$, annual average cap R15,51/$ . Hedges approximate 70 pct of company's expected net rand/us dollar exposure in 2018 financial year .Will provide co with some cash flow and balance sheet protection, as gearing and net debt to EBITDA levels are expected to peak during 2018 FY.  Full Article

Sasol posts 38 pct fall in HY headline EPS to 15.12 rand
Monday, 27 Feb 2017 12:05am EST 

Sasol Ltd : Earnings attributable to shareholders for six months ended December 31, 2016 increased by 19% to 8.7 billion rand from 7.3 billion rand in prior period . Six month headline earnings per share down 38% to 15.12 rand, earnings per share up 19% to 14.21 rand . Six month production volumes up 1% for Secunda Synfuels operations and up 5% for Eurasian operations . Average brent crude oil prices moved 2 percent higher and since Dec 2016 moved to mid US$50/bbl range, which will positively impact our H2 2017 results . Has declared a gross interim dividend of 4.80 rand per share (15.8% lower compared to prior period) . Expect sustainable cash cost savings from RP to be 2.5 billion rand by 2019, in addition to 5.4 billion rand sustainable savings from BPEP .Revised capital expenditure estimate from 75 billion rand to 66 billion rand for full year.  Full Article

Sasol dumps $13-$15 billion U.S. project, to exit Canadian shale

JOHANNESBURG South Africa's Sasol is pulling out of all of its gas-to-liquids (GTL) greenfield projects including one in Louisiana project expected to cost $13 billion to $15 billion, the company said on Thursday.