|Bid||18.93 x 900|
|Ask||18.94 x 800|
|Day's Range||18.85 - 19.25|
|52 Week Range||16.92 - 39.64|
|Beta (3Y Monthly)||1.02|
|PE Ratio (TTM)||18.10|
|Forward Dividend & Yield||0.98 (5.17%)|
|1y Target Est||30.50|
NEW YORK, Sept. 13, 2019 -- Levi & Korsinsky notifies investors that it has commenced an investigation of Sasol Limited (“Sasol” or “the Company”) (NYSE: SSL) concerning.
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.
(Bloomberg) -- Sasol Ltd. has been asked by some of the country’s biggest fund managers to consider executive changes including ousting Stephen Cornell, one of two chief executive officers, over cost overruns at a flagship project, according to people familiar with the matter.The money managers began meeting with Sasol’s board and leadership after it raised the estimated cost of the Lake Charles plant in Louisiana by $1 billion on May 22, having increased it only three months earlier. Investors including Allan Gray Ltd. and Coronation Fund Managers Ltd. want management to take responsibility for the escalation in costs at the $13 billion chemicals project, the people said, asking not to be identified. Allan Gray and Coronation confirmed they met with Sasol but declined to comment on the content of the discussions.The companies both own stock in Sasol and are South Africa’s third and fifth biggest fund managers.Some investors also questioned the need for the company, which is South Africa’s biggest by revenue, to have co-CEOs, the people said. They suggested that Cornell leave and Bongani Nqwababa be retained.Cornell has been more involved in the Lake Charles project and is paid more than Nqwababa, boosting costs, they said. In the year ended June 2018, Cornell was paid 46.3 million rand ($3 million) in salary, benefits and incentives, while Nqwababa made 25.9 million rand, according to the company’s annual report.“It would not be appropriate for Sasol to comment on behalf of its shareholders,” the company said in an emailed response to questions. Earlier this month, Sasol confirmed that it met with a number of shareholders to “hear their views, concerns and expectations.”Concern has grown over the costs of Lake Charles with Sasol on Aug. 16 delaying its annual results, saying that it hadn’t completed a review of the problems at the project.Since the May announcement, the stock has fallen 34%, the most on an index of the 40 biggest companies traded in Johannesburg. Sasol, which produces chemicals around the world and motor fuel from coal in South Africa, has a market value of 176 billion rand. The stock rose as much as 0.8% in Johannesburg on Friday.Cornell has held his position at Sasol since mid-2016, after serving as executive vice president of international operations for the company for the previous two years. Before that he worked for BP Plc.(Adds shares in second last paragraph. An earlier version of the story was corrected to show that Allan Gray and Coronation did not comment on what was discussed with Sasol.)To contact the reporters on this story: Loni Prinsloo in Johannesburg at email@example.com;Antony Sguazzin in Johannesburg at firstname.lastname@example.orgTo contact the editors responsible for this story: John McCorry at email@example.com, Gordon Bell, Alastair ReedFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Pomerantz LLP is investigating claims on behalf of investors of Sasol Limited (“Sasol” or the “Company”) (NYSE: SSL). Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. On August 16, 2019, the Company announced that it was delaying the announcement of its financial results for fiscal year 2019 due to a possible "control weaknesses" at its Lake Charles chemicals project in Louisiana. Additionally, the Company announced that the Lake Charles project, which initially was expected to cost $8.9 billion, has experienced delays and rising costs.
LAKE CHARLES, Louisiana, Aug. 28, 2019 /PRNewswire/ -- Sasol today announced our world-scale U.S. Ethane Cracker reached beneficial operation on 27 August 2019. Sasol's new Cracker, the heart of our Lake Charles Chemicals Project (LCCP), is the third and most significant of the seven LCCP facilities to come online and will provide feedstock to our six new derivative units at our Lake Charles multi-asset site.
South Africa's Sasol said on Wednesday its U.S. ethane cracker plant was now producing enough ethylene for use, bringing it a step closer to completing its Lake Charles Chemicals Project that has been hit by delays and cost hikes. "With the first three units commissioned, plants representing more than 60% of the project’s total output are now online," said Bongani Nqwababa, Sasol's joint CEO and president. Sasol - the world's biggest maker of motor fuel from coal - said it would focus on improving the ethylene quality as well as the ramp up at the cracker unit, which was currently operating at 50% capacity.
JOHANNESBURG, Aug. 28, 2019 /PRNewswire/ -- In our announcement of 26 August 2019, we confirmed that the 72-hours beneficial operation production test run on the LCCP's Ethane Cracker was at the halfway mark.
NEW YORK, NY / ACCESSWIRE / August 27, 2019 / Pomerantz LLP is investigating claims on behalf of investors of Sasol Limited (“Sasol” or the “Company”) (SSL). Such investors are advised to contact Robert S. Willoughby at email@example.com or 888-476-6529, ext. The investigation concerns whether Sasol and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
JOHANNESBURG, Aug. 26, 2019 /PRNewswire/ -- As noted in our 16 August 2019 communication, a problem relating to a large heat exchanger on our Ethane Cracker which interrupted the start-up for several days was successfully resolved and start-up resumed. On 24 August 2019, we reached the important milestone of producing ethylene at the LCCP that meets the feedstock requirements of some of our downstream units. Efforts to upgrade ethylene to polymer grade specification are underway with the support of the catalyst supplier and the technology licensor.
NEW YORK, Aug. 26, 2019 -- Levi & Korsinsky notifies investors that it has commenced an investigation of Sasol Limited (“Sasol” or “the Company”) (NYSE: SSL) concerning.
Sasol said on Monday it had reduced its 2020 core earnings target for its U.S. ethane cracker project and revised the dates for the start-up of some of the company's downstream units following technical issues. Sasol lowered its earnings before interest, tax, depreciation and amortisation(EBITDA) guidance for the Lake Charles Chemicals Project (LCCP) for the 2020 financial year to between $150 to $300 million from between $300 to $350 million. Sasol delayed the release of its annual financial results earlier this month due to possible "control weaknesses" at the project, sending shares in the chemicals and energy company sharply lower.
Sasol said on Monday it had reduced its 2020 core earnings target for its U.S. ethane cracker project and revised the dates for the unit's start-up following technical issues. Sasol lowered its earnings before interest, tax, depreciation and amortisation(EBITDA) guidance for the Lake Charles Chemicals Project (LCCP) for the 2020 financial year to between $150 to $300 million from between $300 to $350 million. Sasol delayed the release of its annual financial results earlier this month due to possible "control weaknesses" at the project, sending shares in the chemicals and energy company sharply lower.
New York, New York--(Newsfile Corp. - August 22, 2019) - Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Sasol Limited (NYSE: SSL) ("Sasol" or the "Company").If you invested in Sasol stock or options and would like to discuss your legal rights, click here: www.faruqilaw.com/SSL. There is no cost or obligation to you.You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at ...
JOHANNESBURG, Aug. 21, 2019 /PRNewswire/ -- In Sasol's announcement of 16 August 2019, the Company informed investors of the delay of the release of its 2019 financial results and related suite of reports. This will allow for the completion of management's assessment and remediation of possible control weaknesses followed by the consideration of these assessments by Sasol's external auditors. As is normal practice, the Company has engaged with investors and analysts in response to the announcement. Sasol confirms that no material or price sensitive information other than that contained in the announcement was discussed in any of these engagements.
(Bloomberg) -- Sasol Ltd., South Africa’s biggest company by revenue, said it held meetings with shareholders as dissatisfaction grew over cost overruns at the $13 billion Lake Charles chemical project in the U.S.The meetings began after Sasol raised the estimated cost of the project by $1 billion in May, having increased it only three months earlier, the company said in a response to questions. On Aug. 16, Sasol delayed its annual results, saying it hasn’t completed a review of the problems at the project. That prompted its shares to fall the most in 20 years on an intraday basis in Johannesburg.“The chairman of the Sasol board of directors together with management has held meetings with a number of shareholders to hear their views, concerns and expectations,” the company said on Monday. “It would not be appropriate for Sasol to comment on behalf of our shareholders on their expectations.”The meetings took place shortly after May 22 and no “additional, non-disclosed information” was provided, a spokesman added. No closed analyst calls have taken place, he said. Problems at Lake Charles, in Louisiana, have hampered Sasol’s plans to expand internationally and to increase chemicals manufacturing alongside its core fuel-production business. The company’s market value has almost halved to 168 billion rand ($10.9 billion) over the past 12 months, making it the third-worst performer on an index of Johannesburg’s 40 biggest stocks.Representatives of Allan Gray Ltd., which owns 3.4% of Sasol’s stock according to data compiled by Bloomberg, have met with Sasol’s board about the Lake Charles project, said Andrew Lapping, the chief investment officer of the Cape Town-based fund manager. He declined to comment on the talks.Coronation Asset Management, South Africa’s second-biggest money manager by assets under management which owns Sasol stock, declined to comment.(Updates with additional comment in fourth paragraph)To contact the reporter on this story: Antony Sguazzin in Johannesburg at firstname.lastname@example.orgTo contact the editors responsible for this story: John McCorry at email@example.com, Rene Vollgraaff, John BowkerFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
NEW YORK, Aug. 19, 2019 /PRNewswire/ -- Bragar Eagel & Squire, P.C. is investigating potential claims against Sasol Limited (SSL) on behalf of Sasol investors. Our investigation concerns whether Sasol has violated the federal securities laws and/or engaged in other unlawful business practices. On August 16, 2019, the company announced that it was delaying the announcement of its financial results for fiscal year 2019 due to possible "control weaknesses" at its Lake Charles chemicals project in Louisiana. On this news, Sasol's stock price fell sharply on August 16, 2019, to close at $17.67.