Sasol is preparing for South Africa’s biggest rights issue Fleetwood Grobler, Sasol President And Ceo
Loading player...
Sasol is preparing for South Africa’s biggest rights issue in two decades as it raises cash to meet debt obligations after a share-price collapse sparked by cost overruns at its US chemicals project and the plunge in oil prices.
The company expects to raise R99 billion ($6 billion) by the end of its 2021 financial year, including a share sale of as much as $2 billion, it said in a statement. It has entered into a standby underwriting agreement with BofA Securities, Citigroup and JP Morgan Securities for the rights issue, it said.
The company expects to raise R99 billion ($6 billion) by the end of its 2021 financial year, including a share sale of as much as $2 billion, it said in a statement. It has entered into a standby underwriting agreement with BofA Securities, Citigroup and JP Morgan Securities for the rights issue, it said.
