JOHANNESBURG, Dec. 2, 2020 /PRNewswire/ -- Sasol shareholders
are referred to the Company's Stock Exchange News Service ("SENS")
announcement dated 2 October 2020,
containing details of the divestment of a 50% interest in Sasol's
Base Chemicals business at Lake Charles to LyondellBasell
("Transaction"). A further SENS announcement was released by the
Company on 23 November 2020
confirming the approval of the Transaction by shareholders at
Sasol's general meeting held on 20 November
2020.
Sasol is pleased to announce that the Transaction successfully
closed on 1 December 2020 and the
50/50 Louisiana Integrated Polyethylene joint venture ("JV") with
LyondellBasell has now been established.
The proceeds of approximately US$2
billion will be received within 2 days of closing, with
standard closing adjustments to be effected 30 days thereafter.
Under the terms of the Transaction agreements, LyondellBasell
will operate the JV assets on behalf of the JV and market the
polyethylene products on behalf of the two shareholders.
Covenant amendment
Sasol is also pleased to announce the successful conclusion of
discussions with our lenders regarding the covenant amendment for
31 December 2020, which is 4x net
debt: earnings before interest, taxation, depreciation and
amortisation (EBITDA). Our lenders have agreed that the covenant
calculation will not be impacted by once off events or delayed
receipt of disposal proceeds that are expected by 31 December.
The covenant for June 2021 will
remain at 3x Net Debt: EBITDA.
Investor update
Sasol will host a virtual investor update, today, 2 December 2020 at 14:00 (SA time). The key focus
will be the Sasol 2.0 transformation programme which is designed to
deliver the Company's vision for Future Sasol.
Chief Executive Officer, Fleetwood
Grobler, Chief Financial Officer, Paul Victor, and Executive Vice President Sasol
2.0 Transformation Marius Brand will host the event via webcast
link: https://www.corpcam.com/Sasol02122020. The presentation will
be available on the website www.sasol.com
For further information, please contact:
Sasol Investor Relations,
Tiffany Sydow, Investor Relations
Officer
Telephone: +27 (0) 71 673 1929
investor.relations@sasol.com
Disclaimer - Forward-looking statements
Sasol may, in this document, make certain statements that are
not historical facts and relate to analyses and other information
which are based on forecasts of future results and estimates of
amounts not yet determinable. These statements may also relate to
our future prospects, expectations, developments and business
strategies. Examples of such forward-looking statements include,
but are not limited to, the impact of the novel coronavirus
(COVID-19) pandemic on Sasol's business, results of operations,
financial condition and liquidity and statements regarding the
effectiveness of any actions taken by Sasol to address or limit any
impact of COVID-19 on its business; statements regarding exchange
rate fluctuations, changing crude oil prices , volume growth,
increases in market share, total shareholder return, executing our
growth projects (including LCCP), oil and gas reserves, cost
reductions, our climate change strategy and business performance
outlook. Words such as "believe", "anticipate", "expect", "intend",
"seek", "will", "plan", "could", "may", "endeavour", "target",
"forecast" and "project" and similar expressions are intended to
identify such forward-looking statements, but are not the exclusive
means of identifying such statements. By their very nature,
forward-looking statements involve inherent risks and
uncertainties, both general and specific, and there are risks that
the predictions, forecasts, projections and other forward-looking
statements will not be achieved. If one or more of these risks
materialise, or should underlying assumptions prove incorrect, our
actual results may differ materially from those anticipated. You
should understand that a number of important factors could cause
actual results to differ materially from the plans, objectives,
expectations, estimates and intentions expressed in such
forward-looking statements. These factors and others are discussed
more fully in our most recent annual report on Form 20-F filed on
24 August 2020 and in other filings
with the United States Securities and Exchange Commission. The list
of factors discussed therein is not exhaustive; when relying on
forward-looking statements to make investment decisions, you should
carefully consider both these factors and other uncertainties and
events. Forward-looking statements apply only as of the date on
which they are made, and we do not undertake any obligation to
update or revise any of them, whether as a result of new
information, future events or otherwise.
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SOURCE Sasol Limited