• Latest
  • Trending
South Africa’s Sasol looks to offload around $1 bln in assets

Sasol to issue up to $2 billion in shares in 2021

August 18, 2020
President John Magufuli died from coronavirus, says Tanzania opposition leader

President John Magufuli died from coronavirus, says Tanzania opposition leader

March 18, 2021
Four dead, 16 injured in Eastern Cape crash

Police officers arrested for the killing of Mthokozisi Ntumba to appear in court

March 17, 2021
Armed men attack passenger convoy and village in Niger, killing 58

Armed men attack passenger convoy and village in Niger, killing 58

March 17, 2021
Ramaphosa vist EFF’s Seshego stronghold, says corrupt people will be jailed

CR17 bank statements never entered into court records: Lawyer

March 17, 2021
City of CT ‘managing’ load shedding as power cuts hit SA again

Eskom says possible heavy load shedding this winter if capacity is not met

March 16, 2021
EFF Student Command at UP calls for postponement of 2021 academic year

EFF Student Command at UP calls for postponement of 2021 academic year

March 16, 2021
Pick n Pay agrees to cap ginger and garlic pricing

Pick n Pay agrees to cap ginger and garlic pricing

March 15, 2021
TUT students won’t be joining nationwide fees protest, for now

TUT students won’t be joining nationwide fees protest, for now

March 15, 2021
Survivors of Equatorial Guinea blasts recall trauma

Survivors of Equatorial Guinea blasts recall trauma

March 15, 2021
Hundreds of drunk drivers arrested in Gauteng

JMPD deploys officers in Joburg CBD ahead of student protests

March 15, 2021
Students can apply for payment plans to cover registration fee: UWC

Nationwide university shutdown

March 15, 2021
ANCWL in the North West backs embattled Mahumapelo

Mahumapelo calls for removal of Dodovu

March 15, 2021
  • Latest
    • Community
    • Africa
    • International
  • Sport
  • Business
    • Finance
    • Technology
    • Motoring
  • People
    • Opinions
    • Health
  • Politics
  • Media
    • Entertaiment
    • Social Media
    • Media
  • Public Statement
Wednesday, April 21, 2021
  • Login
TP
  • Latest
    • Community
    • Africa
    • International
  • Sport
  • Business
    • Finance
    • Technology
    • Motoring
  • People
    • Opinions
    • Health
  • Politics
  • Media
    • Entertaiment
    • Social Media
    • Media
  • Public Statement
No Result
View All Result
  • Latest
    • Community
    • Africa
    • International
  • Sport
  • Business
    • Finance
    • Technology
    • Motoring
  • People
    • Opinions
    • Health
  • Politics
  • Media
    • Entertaiment
    • Social Media
    • Media
  • Public Statement
No Result
View All Result
TownPress
No Result
View All Result
Home Community

Sasol to issue up to $2 billion in shares in 2021

August 18, 2020
in Community
0
South Africa’s Sasol looks to offload around $1 bln in assets
165
SHARES
798
VIEWS
Share on FacebookShare on Twitter

JOHANNESBURG – South African petrochemicals group Sasol will issue up to $2 billion of shares in the second half of 2021 as it battles high debt, lower oil and chemicals prices, and the coronavirus crisis, it said on Monday, sending its shares sharply lower.

The world’s top manufacturer of motor fuel from coal said the exact amount to be raised would be subject to progress made on asset disposals and cost-cutting.

Shares in Sasol fell 9.1% to 132.89 rands by 0711 GMT after announcing what could be among the country’s largest rights issues in decades, potentially exceeding the company’s market capitalisation of 91.99 billion rands.

Investors have been concerned by the company’s debt, which has been exacerbated by delays and cost overruns at its Lake Charles Chemicals Project (LCCP) in Louisiana and prompted the resignations of its joint chief executives to restore shareholder confidence.

Sasol on Monday reported a 91.3 billion rand ($5.3 billion)loss for the year to June 30, compared with earnings of 6.1 billion rands the previous year, hit by a 111.6 billion rand writedown on its chemicals and energy assets.

The company said total debt for the year stood at 189.7 billion rands, up from 130.9 billion rands a year earlier.

“The financial year 2020, which we indicated would be our peak gearing period, saw our stretched balance sheet come under significant pressure initially with the collapse in the Brent crude oil price to 21-year lows and then the onset of the COVID-19 pandemic,” said Chief Executive Fleetwood Grobler.

Core full-year headline earnings per share fell 61% to 14.70 rands ($0.85) from 37.65 rands the previous year.

Earnings were also hit by 3.9 billion rands in depreciation charges and 6 billion rands in finance charges, Sasol said, adding that it would continue to suspend dividends to protect liquidity amid ongoing economic uncertainty.

Comments

Tags: Sasol
Share69Tweet40Share11Share16Send
Previous Post

TFG concludes agreement to buy Jet stores, some approvals pending

Next Post

Zimbabwe clergies, lawyers criticise alleged government abuses

Next Post
Zimbabwe president promises elections by July and says will respect result

Zimbabwe clergies, lawyers criticise alleged government abuses

Please login to join discussion
No Result
View All Result
Currently Playing

SAElections2019 Indelible Ink & Election Fraud

SAElections2019 Indelible Ink & Election Fraud

00:01:40

Why would Mampintsha assault Babes Wodumo?

00:00:40

Alph Lukau “raising the dead” is a fraud

00:01:36

Moozlie Mabena involved in a live video crash

00:00:58

Welkom Hijack Man shot in parking lot

00:01:04

Female theft suspects tries to evade guards at Clear Water Mall

00:01:48

Franchise Driver on duty with sex worker

00:00:47

Courageous female driver attack hjackers on driveway

00:01:33

University of Zululand Student stabbed to death by roommate

00:00:41

Vehicle High Jacking on Cedar road, Midrand

00:01:57

Watch thief steal a Hilux in Bloemfontein

00:01:05

Watch Mosque Shoe snatchers in action

00:00:43

Watch these Unbelievable Shoplifters Caught with the Loot

00:03:13

Journalist attacked by EFF Floyd Shivambu and security details

00:00:43

Attempted cash in transit heist by DSTV office in Randburg

00:00:48

KFM Presenters and the Three Rs Blunder

00:00:59

SAPS Higspeed chase

00:01:08

Ruthless home invaders in westrand

00:01:30

Dj Khomza bashes girlfriend with a spanner

00:01:56

Daybreak Robbery in Auckland Park

00:01:15

Fake Police arrested in Johannesburg

00:01:00

#MduduziManana assault video at Cubana

00:00:29

Racial assault of couple at KFC montana

00:01:22

Smart Porsche driver escapes hijackers in Johannesburg

00:00:49

VW Polo Hijack at Kempton Park filling station

00:02:13

Women caught husband cheating and jumps on Carhood

00:02:02

Carlton Centre, Joburg Heist

00:01:06

Did Malema call Mandela a Sellout ?

00:02:01

Petrol Attendant beat up a man

00:01:01

Car Hijack gone wrong

00:02:15

Armed robbery in Alberton

00:00:52

Mother and son in Polokwane attacked by panga wielding robbers

00:02:04

Hyundai i10 Hijacking in Chatsworth

00:00:59

Check more Videos on Youtube

Connect

Connect
TownPress

Copyright © 2021 Townpress.

Navigate Site

  • Terms and conditions
  • About Us
  • Subscription
  • Contact
  • Account

Follow Us

No Result
View All Result
  • Latest
    • Community
    • Africa
    • International
  • Sport
  • Business
    • Finance
    • Technology
    • Motoring
  • People
    • Opinions
    • Health
  • Politics
  • Media
    • Entertaiment
    • Social Media
    • Media
  • Public Statement

Copyright © 2021 Townpress.

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

Go to mobile version
This site uses cookies to improve user experience: Find out more.