|Bid||17.15 x 800|
|Ask||21.00 x 900|
|Day's Range||19.17 - 19.55|
|52 Week Range||16.92 - 39.64|
|Beta (3Y Monthly)||1.02|
|PE Ratio (TTM)||18.37|
|Forward Dividend & Yield||0.98 (5.17%)|
|1y Target Est||N/A|
(Bloomberg) -- Sasol Ltd. is planning to sell its South African coal-mining business, according to people familiar with the matter.The company will begin a formal sales process in the coming weeks, said the people, who asked not to be identified as the information isn’t public yet. The mining business had turnover of 20 billion rand ($1.4 billion) in the 2018 financial year, according to the company’s financial report, mostly from internal sales to Sasol’s other operations.The company is the world’s biggest manufacturer of fuel from coal, an energy-intensive process. Sasol’s coal mines produce about 40 million tons of coal a year, almost entirely for use in its own operations, according to its website.The company would plan to sign a coal-purchase agreement with whoever buys the asset, said one of the people.Sasol announced a long-term review process in November 2017 that would involve disposing of some assets at prices that ensure value for the company, it said in an emailed response to questions, while declining to comment directly on a possible mine sale.“We do not wish to comment at this stage on which assets have been earmarked for divestment, since they form a part of a disciplined and confidential M&A process,” it said. “Sasol will update the market as and when appropriate regarding progress on the asset review process.”The mine sale plan comes as Sasol grapples with cost overruns and delays at its giant U.S. chemicals project. Selling its coal mines may also help Sasol reduce its environmental liabilities at a time when more investors are focusing on how businesses affect climate change.The Lake Charles chemical plant in Louisiana, which is starting up this year, will transform Sasol’s production mix to focus on chemicals. Yet the company has lurched from one setback to the next, with the project now estimated to cost as much as $12.9 billion, about 50% more than initially planned.Sasol’s shares have tumbled 48% in the past 12 months. Besides the cost overruns and startup delays, the company has also twice postponed its annual financial results while it completes an investigation into what went wrong at Lake Charles.The company said in May it would accelerate the previously announced asset sale program. It said on Wednesday the company would “proceed only if there is value for Sasol and we will not sell assets at sub-optimal prices.”To contact the reporters on this story: Loni Prinsloo in Johannesburg at firstname.lastname@example.org;Paul Burkhardt in Johannesburg at email@example.comTo contact the editors responsible for this story: James Herron at firstname.lastname@example.org, ;Gordon Bell at email@example.com, Liezel Hill, Amanda JordanFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
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 firstname.lastname@example.org;Antony Sguazzin in Johannesburg at email@example.comTo contact the editors responsible for this story: John McCorry at firstname.lastname@example.org, Gordon Bell, Alastair ReedFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
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.
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.
Concho Resources Inc., Sasol Ltd., Cabot Oil & Gas Corp and Tata Motors Ltd. have declined to their respective 3-year lows Continue reading...
South Africa's rand firmed in afternoon trade on Friday thanks to a weakening U.S. dollar, but the local currency was on track to end the week on a weaker footing after a row over the central bank's mandate rattled investors, while stocks also gained. At 1500 GMT, the rand was 0.58% firmer at 14.9075 per dollar, as the greenback fell on weak U.S. jobs data that boosted expectations the Federal Reserve would cut interest rates this year. "Matters could well have been even more severe for the rand if this was a week where the greenback remained strong in global markets," said Lukman Otunuga, analyst at futures brokerage FXTM.
South African petrochemicals firm Sasol Ltd said on Monday that a second unit at its U.S. ethane cracker project came online last week. The company's Lake Charles Chemicals Project , which will convert ...
Moody's Investors Service ("Moody's") has today affirmed Sasol Limited's ("Sasol") Baa3 long-term issuer rating and the Baa3 senior unsecured ratings of Sasol Financing International Limited and Sasol Financing USA LLC. Sasol's national scale long-term issuer rating has been downgraded to Aa1.za from Aaa.za. Moody's has also affirmed both Sasol's short-term issuer rating of P-3 and its national scale short-term issuer rating of P-1.za.
3M Co. (MMM), Mizuho Financial Group Inc. (MFG), Sasol Ltd. (SSL), and Halliburton Co. (HAL) have declined to their three-year lows. The prices of 3M Co. (MMM) shares have declined to $166.09 on May 24, which is only 1.3% above the 3-year low of $163.85. 3M Co. is an American international conglomerate corporation with operations in the fields of industry, worker safety, health care, and consumer goods.
Sasol has raised the expected cost of its U.S. ethane cracker project by around $1 billion following a review by the project's new management, the South African petrochemical firm said on Wednesday. The cost estimate for the Lake Charles plant has been raised to a range of $12.6-12.9 billion, which includes a contingency of $300 million, Sasol said in a stock exchange announcement. Sasol said a review of the project's costs and schedule identified concerns relating to its forecasting process and an increase in the projected total cost.