|Bid||19.38 x 3000|
|Ask||19.44 x 1300|
|Day's Range||19.35 - 19.49|
|52 Week Range||16.48 - 34.03|
|Beta (3Y Monthly)||0.47|
|PE Ratio (TTM)||18.54|
|Forward Dividend & Yield||0.98 (5.04%)|
|1y Target Est||26.86|
Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Sasol Limited and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future.
Dubai, November 07, 2019 -- Moody's Investors Service ("Moody's") has today taken rating actions on five South African corporates. These rating actions follow Moody's sovereign outlook change, on 1 November, of the Government of South Africa's ratings to negative from stable and affirmation of the Baa3 long-term foreign-currency and local-currency issuer ratings.
NEW YORK, Nov. 01, 2019 -- Levi & Korsinsky notifies investors that it has commenced an investigation of Sasol Limited (“Sasol” or “the Company”) (NYSE: SSL) concerning.
JOHANNESBURG, Oct. 28, 2019 /PRNewswire/ -- Further to the Director and management changes referred to in our financial results announcement earlier today, the Board is pleased to also announce the appointment of Mr V D Kahla as an Executive Director of Sasol with effect from 1 November 2019. Mr Kahla joined Sasol in 2011 and serves as the Executive Vice President: Advisory, Assurance and Supply Chain and Company Secretary. Prior to joining Sasol, Mr Kahla served on the Group Executive Committee of Transnet from 2004 to 2010, after serving on the Africa Executive Committee of Standard Bank. Pursuant to his appointment as an Executive Director, Mr Kahla resigned as Company Secretary of Sasol with effect from 1 November 2019.
(Bloomberg) -- Sign up to our Next Africa newsletter and follow Bloomberg Africa on TwitterSasol Ltd. fired its co-CEOs Bongani Nqwababa and Stephen Cornell after an investigation found serious mismanagement in the development of a $13 billion chemicals plant in the U.S., tarnishing the reputation of the whole company.It’s an ignominious end for the executives, who promoted the Lake Charles facility in Louisiana as a way to transform the fortunes of the almost 70-year-old company, best known for liquid fuels from coal in South Africa. Development of the massive plant went badly wrong, with costs surging about 50% from initial plans.Sasol’s internal probe showed that the Lake Charles project management team acted inappropriately, lacked experience and was overly focused on maintaining cost and schedule estimates instead of providing accurate information.“There was a culture of fear that was prevailing” at the project, which was fostered by previous management, Sasol Chairman Mandla Gantsho said on a call with reporters. That prevented people from coming forward, he said.Sasol was drawn to America’s Gulf coast by the shale boom -- a historic surge in production of oil and gas that has reshaped global energy markets. As the Asian manufacturing boom increased demand for chemicals to make materials like plastics, the hydrocarbon feedstocks used to make those chemicals were becoming ever more abundant in the U.S., offering an opportunity for profit.The Lake Charles Chemical Project, dubbed LCCP, will produce the building blocks of products including packaging, bottles, and footwear, plus solvents, explosives and fertilizers. Once completed, it will boost the portion of chemicals in Sasol’s sales mix to 70%.It’s one of two massive plants originally planned in the U.S. The second project, to convert natural gas into liquid fuels, was abandoned during the oil-price crash.Sasol didn’t find misconduct or incompetence by either of the outgoing chief executive officers, who will be replaced on Nov. 1 by Fleetwood Grobler, previously executive vice president for chemicals. Nonetheless, the board decided a leadership reset was needed to restore trust in the company.“Shortcomings in the execution of the LCCP have negatively impacted our overall reputation, led to a serious erosion of confidence in the leadership of the company and weakened the company financially,” Sasol said. The setbacks “have tarnished the entire company.”Sasol’s shares rose 12% to 299.51 rand at 2:33 p.m. in Johannesburg on Monday, the most in about 11 years. South Africa’s biggest company by sales has tumbled this year and twice delayed reporting full-year results ahead of an investigation into what went wrong at the plant. The company reported adjusted earnings that missed analyst estimates.A senior executive previously in charge of the project is facing disciplinary action and three executives involved in Lake Charles have left the company.Gantsho described the findings of the investigation that included “overly optimistic assumptions” used by the project management team. While more work remains to restore trust in the company, “today we are ending a period of uncertainty,” he said.The chemical plant, approved in 2014 at an estimated cost of $8.1 billion, exceeded its “worst-case scenario” for price over the last few years as problems continued to deepen.A cost revision in 2016 reflected “poorer-than-anticipated subsurface conditions,” requiring more ground works, weather delays, and higher construction and labor costs, Sasol said at the time. The following year it shut the site for over a week due to Hurricane Harvey.The Lake Charles facility is now nearing completion and Sasol said it’s confident the plant will soon start delivering financial and strategic benefits.While the successful completion of LCCP remains a challenge for the company, it will “significantly strengthen” its position in the global chemicals market, Grobler said in a presentation at Sasol headquarters. The plant is expected to bring in a core profit of as much as $200 million in the 2020 financial year, ramping up to $1 billion from 2022.(Updates throughout with shares, comments from designate CEO)To contact the reporter on this story: Paul Burkhardt in Johannesburg at firstname.lastname@example.orgTo contact the editors responsible for this story: James Herron at email@example.com, Helen RobertsonFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
JOHANNESBURG , Oct. 28, 2019 /PRNewswire/ -- Financial performance in context Headline earnings per share (HEPS) up 12% to R30,72 Core headline earnings 1 per share (CHEPS) up 5% to R38,13 Earnings Before ...
JOHANNESBURG, Oct. 28, 2019 /PRNewswire/ -- Following the publication of revised guidance for the Lake Charles Chemicals Project (LCCP) on 22 May 2019, the Board of Directors (Board) of the Company commissioned an independent review (the Review), which was conducted by global consulting firms at the direction of external legal counsel. The Board also remains comfortable that the principal factors for the cost increase as identified in the 22 May 2019 market guidance are sound, and that criminal conduct is not one of those factors.
The joint chief executives of South African petrochemicals group Sasol will step down this month after the company's review of the difficulties that beset its Lake Charles Chemicals project (LCCP) in the United States. Bongani Nqwababa and Stephen Cornell will step down at the end of this month to restore trust in Sasol, the company said on Monday, adding that the decision was made after talks with the two executives and that neither were found to have been guilty of misconduct or incompetence. "It is a matter of profound regret for the Board that shortcomings in the execution of the LCCP have negatively impacted our overall reputation, led to a serious erosion of confidence in the leadership of the company and weakened the company financially," Sasol said in a statement.
JOHANNESBURG , Oct. 28, 2019 /PRNewswire/ -- Sasol has published its production and sales metrics for the three months ended 30 September 2019 on the Company's website at www.sasol.com , under the Investor ...
Sasol fired its co-CEOs Bongani Nqwababa and Stephen Cornell after an investigation found serious mismanagement in the development of a $13 billion chemicals plant in the U.S.
JOHANNESBURG, Oct. 15, 2019 /PRNewswire/ -- Sasol shareholders are referred to the Company's announcements on 16 August 2019 and 6 September 2019 regarding the delay in the release of Sasol's annual results for the year ended 30 June 2019 (2019 financial results) and related year-end publications to allow for the completion of the independent review commissioned by the Sasol board of directors (the Board) in May 2019 (the Board Review). The report from the Board Review is complete and the Board will now consider the findings and determine any appropriate steps arising from these. The Company will release its 2019 financial results as well as its 2019 annual financial statements and other related year-end publications on Monday, 28 October 2019.
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JOHANNESBURG, Sept. 6, 2019 /PRNewswire/ -- On 16 August 2019, Sasol announced that the Board of Directors of Sasol (the Board) had decided to delay the announcement of the Company's financial results for the year ended 30 June 2019 (2019 financial results) which were due to be released on 19 August 2019 and that the Board expected to release them on 19 September 2019. This delay was to allow for the completion of the assessment of possible internal control weaknesses identified during the independent review announced by the Board previously.
South African petrochemicals company Sasol's 2019 finical results will be delayed further after additional work was commissioned under a review at its U.S. ethane cracker project, it said on Friiday, sending its share price lower. Sasol has delayed release of its 2019 financial results to a date some time before the end of next month, spokesman Alex Anderson said. "The board has resolved to commission additional work under the independent review and to stipulate for in-depth investigation into certain aspects contemplated under the original scope," Sasol said in a statement on Friday.
Sasol delayed its annual financial results for a second time to allow for a more in-depth investigation into what went wrong during construction of its $13 billion Louisiana chemical project.