Monday, 10 September 2007

Sasol to transfer 10% of company to BEE

South African oil giant Sasol said it will “transfer 10% of the company to black owners to qualify under Black Economic Empowerment (BEE) rules. Sasol will sell the stake worth about 17.9bn rand ($2.4bn; £1.2bn) to black staff, investors and key partners in the biggest BEE deal to date.”

The government programme aims to redress the worst distortions of wealth created by the apartheid regime. Sasol's announcement coincided with the release of annual earnings, up 10%. "This transaction is ground-breaking, not only in terms of its size, but also in terms of its overarching ambition to create a legacy of building skills and capacity in the South African economy," said Sasol chairman Pieter Cox.

If approved by shareholders, the transaction will be implemented in 2008, the Johannesburg-based firm said. (source: BBC News)

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