Sasol Sees Fiscal Year 2020 EPS Down at Least 20%, Mulls Rights Issue of Up to $2 Billion

By Jaime Llinares Taboada

Sasol Ltd. said Friday that it expects earnings per share to fall at least 20% during the current fiscal year and warned shareholders that it has rights to issue up to $2 billion in shares under its strategy in response to the coronavirus and the oil-price drop.

The South Africa-based petrochemical and energy company said that its results for the year ending June 30 could also be impacted further by adjustments at the year-end closure process.

Sasol told shareholders that its plans designed to mitigate the impact of the coronavirus pandemic and the lower oil price could have a material effect on the price of its securities, as the strategy includes a cash conservation program, an accelerated and expanded asset-disposal and partnering program, and the potential rights to issue up to $2 billion.

Shares in Johannesburg at 0710 GMT were down ZAR3.67, or 4.4%, at ZAR80.49.

Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT

(END) Dow Jones Newswires

May 22, 2020 03:44 ET (07:44 GMT)

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