"The selected participants include women's groups in energy and mining, Sasol's business suppliers, customers, franchisees and trade union investment companies, as well as groups focusing on broader empowerment objectives such as skills and community upliftment projects. Professional associations have also been included," says Sasol executive director Nolitha Fakude.

 

The broad-based group participation announcement follows the 16 May 2008 approval of the entire Sasol Inzalo transaction by Sasol's shareholders. In terms of the Inzalo transaction, participants will acquire a 10% ownership of Sasol's share capital as follows: broad-based groups (1,5%); members of the black public (3%); Sasol Employees (4%) and the Sasol Inzalo Foundation (1,5%).

 

"The groups that we have chosen as selected participants meet two broad requirements - those that already have a business relationship with Sasol, and those that can readily assist us in meeting our important objectives in terms of skills development and maths education and community upliftment," says Sasol CE Pat Davies.

 

Fakude, who is leading the Sasol Inzalo invitation on behalf of Sasol said the broad-based group selection followed a rigorous eight month long process.

 

A total of 19 broad-based BEE groups and 31 BEE groups which have a business relationship with Sasol (involved groups) have to date accepted an invitation to participate, while transactions with a limited number of groups are being concluded. These groups were selected out of 486 applications.

 

Included in the involved group are two union investment groups, CEPPWAWU Investments and NACTU Investment Holdings (Proprietary) Limited, on behalf of members employed at Sasol, with NACTU representing SACWU.

 

The single largest involved participant, with exposure to R820 million Sasol shares, is Abrina, a group established by Sasol's retail convenience centre franchisees. The shareholding in Abrina includes about 3 900 employees of the individual franchisees who will benefit from 37,5% of the share capital of Abrina through a trust. Another 234 Abrina shareholders representing approximately 100 franchise owners will hold the balance of the shares in Abrina. About 85% of the benefit accruing to Abrina will be for the benefit of black people.

 

On the broad-based group front, Sasol selected nine organisations and groups involved in skills and community development. Participants include the CIDA Empowerment Fund and the Centre for the Advancement of Science & Maths Education.

 

Professional organisations and associations that will participate include the Association for Advancement of Black Accountants in South Africa and the Black Information Technology Empowerment Company Limited.

 

There are still a limited number of groups with whom final agreements need to be signed. These groups are in the interim being held in a facilitation trust until such time as agreements with them have been concluded. The names of the last, limited number of groups to be transacted with, will be made known once their participation has been finalised.

 

An important focus area for Sasol is the participation of black women's groups and especially those in energy and mining. Says Fakude, "It was important for us that black women's groups participated meaningfully in this transaction".

 

The black women groups include among others; Amandla Esizwe Consortium, South African Women in Mining Investment Holding, Women in Oil and Energy South Africa, and the Western Cape Women Investment Forum.

 

The selected participants and their participation in the selected participant category can be viewed on the Sasol website: www.sasol.com