Successful Completion of All The Suspensive Conditions Related To The Divestment of the Air Separation Units Business ("ASUs") by Sasol South Africa Limited

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JOHANNESBURG, June 14, 2021 /PRNewswire/ -- On 10 September 2020, we informed the market that Sasol South Africa Limited ("SSA"), a major subsidiary of Sasol, had concluded a sale of business agreement (the "Sale Agreement") with Air Liquide Large Industries South Africa Proprietary Limited ("Air Liquide") under which SSA would dispose of its ASUs located in Secunda to Air Liquide ("the Transaction") subject to certain suspensive conditions.

Sasol is pleased to announce that the Competition Tribunal ("the Tribunal") approved the Transaction in their ruling following a hearing held on 8 June 2021. This concludes the final outstanding suspensive condition before implementation of the Transaction. The Tribunal granted the approval subject to various conditions relating to future ownership of the ASUs by Air Liquide, including joint procurement of renewable power up to 900 megawatts and decarbonisation investments by Air Liquide. Furthermore, ensuring no negative impact on employment, various commitments on Broad-Based Black Economic Empowerment and support for localisation and small, medium, micro and black owned enterprises.

All the suspensive conditions to the Transaction have now been fulfilled. In line with the terms of the Sale Agreement, the transaction will close on or before 10 business days from the competition tribunal approval date with the proceeds of R5,525 billion and EUR148,75 million (to be settled in US dollars) settled at closing. The proceeds, net of tax obligations related to the Transaction, will be utilised within the Sasol Group to repay debt. Further detail related to the financial impact of the Transaction will be included in Sasol's annual reporting for financial year 2021.

For further information, please contact:

Sasol Investor Relations,
Tiffany Sydow, Investor Relations Officer
Telephone: +27 (0) 71 673 1929
investor.relations@sasol.com

Disclaimer - Forward-looking statements

Sasol may, in this document, make certain statements that are not historical facts and 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, expectations, developments and business strategies. Examples of such forward-looking statements include, but are not limited to, the impact of the novel coronavirus (COVID-19) pandemic on Sasol's business, results of operations, financial condition and liquidity and statements regarding the effectiveness of any actions taken by Sasol to address or limit any impact of COVID-19 on its business; statements regarding exchange rate fluctuations, changing crude oil prices, volume growth, changes in demand for Sasol's products, increases in market share, total shareholder return, executing our growth projects, oil and gas reserves, cost reductions, legislative, regulatory and fiscal development, our climate change strategy and 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 and others are discussed more fully in our most recent annual report on Form 20-F filed on 24 August 2020 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.

 

 

SOURCE Sasol Limited

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