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    SOL   ZAE000006896

SASOL LIMITED

(SOL)
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Sasol : Sale of Sodium Cyanide business prohibited by the Competition Commission

11/29/2021 | 10:51am EST
Date:
29 November 2021

Johannesburg, South Africa - On 12 July 2021, Sasol announced that it had entered into a transaction with Draslovka, a Czech Republic-based specialty chemicals company, for the sale of Sasol's sodium cyanide business. A key condition precedent to this sale is the Competition Commission's (Commission) approval of the transaction.

On 26 November 2021, being the final day of the prescribed merger review period, the Commission issued a decision prohibiting the transaction. The Commission based its decision on pricing effects which had been raised and dealt with by the Commission at an earlier stage in the review process. Both Sasol and Draslovka (the parties) had engaged with the Commission throughout the review process and the pricing effects issue was fully evaluated by the Commission during these engagements. The prohibition of the transaction was therefore unexpected.

The parties remain of the conviction that the transaction is in the interest of the cyanide business operations, its employees and importantly, South African customers - given that it is anticipated that Draslovka will contribute to the cyanide business operations and enhance its competitiveness. In this regard, Draslovka is a specialist cyanide producer, with world-leading technology. Its plans for the business include expansion and capital investment, which will bring a number of significant benefits to the country - including significant foreign investment, employment, economic upliftment and long-term stability of supply for the mining industry.

Furthermore, the parties are of the view that the Commission's decision does not take the full circumstances and the interests of stakeholders and customers properly into account. Notably, the pricing effects issue was raised again only on the day that the decision was due to be issued, and therefore afforded the parties very limited time to engage the Commission. Sasol is considering its options in light of the decision, including a reconsideration before the Competition Tribunal.

Until this matter is resolved, Sasol will continue to manage the business safely to provide stable supply of cyanide to customers; and all employees of the cyanide business will remain Sasol employees.

Sasol may, in this document, make certain statements that are not historical facts that 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, developments and business strategies. Examples of such forward-looking statements include, but are not limited to, statements regarding exchange rate fluctuations, volume growth, increases in market share, total shareholder return, executing our growth projects (including LCCP), oil and gas reserves and cost reductions, including in connection with our BPEP, RP and our 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 are discussed more fully in our most recent annual report on Form 20-F filed on 28 August 2018 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.

Please note: One billion is defined as one thousand million. bbl - barrel, bscf - billion standard cubic feet, mmscf - million standard cubic feet, oil references brent crude, mmboe - million barrels oil equivalent. All references to years refer to the financial year 30 June. Any reference to a calendar year is prefaced by the word "calendar".

Disclaimer

Sasol Ltd. published this content on 29 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 November 2021 15:50:10 UTC.


ę Publicnow 2021
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Sales 2022 227 B 14 703 M 14 703 M
Net income 2022 28 804 M 1 866 M 1 866 M
Net Debt 2022 69 528 M 4 503 M 4 503 M
P/E ratio 2022 7,63x
Yield 2022 3,58%
Capitalization 213 B 13 782 M 13 765 M
EV / Sales 2022 1,24x
EV / Sales 2023 1,12x
Nbr of Employees 28 725
Free-Float 99,9%
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Number of Analysts 9
Last Close Price 338,00 ZAR
Average target price 317,89 ZAR
Spread / Average Target -5,95%
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Fleetwood Grobler President, CEO & Executive Director
Paul Victor SVP-Financial Control Services
Sipho Abednego Nkosi Independent Non-Executive Chairman
Stephen Westwell Independent Non-Executive Director
Nomgando Nomalungelo Angelina Matyumza Independent Non-Executive Director
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