EnergyWatch

Sasol drops USD 950 Million share plan for black-investor debt

The world's largest maker of fuel from coal has dropped a plan to sell shares worth USD 950 billion to meet a debt obligation.

Photo: RITZAU/AP/Patrick Pleul

Sasol Ltd., the world's largest maker of fuel from coal, abandoned a plan to sell  about ZAR 13 billion (USD 950 million) of shares to meet its obligation to repay debt owed by a black investor group.

A decline in the company's stock since the mid-2014 slump in crude prices precluded payouts to more than 250,000 black South Africans who participated in the Inzalo transaction in 2008, forcing Sasol to settle the more than 12 billion rand they owe.

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