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Article: Sasol BEE deal shuns 'fat cats': taking a cue from De Beers diamond company, South Africa's , Sasol, has isynthesised fuel colossusgnored 'the usual suspects' and will distribute its black economic empowerment (BEE) largesse amongst ordinary South Africans.(SOUTH AFRICA)(Sasol Ltd. will distribute R26bn Black Economic Empowerment)
- Article from:
- African Business
- Article date:
- May 1, 2008
- Author:
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Sasol, the listed synthetic fuel and chemical giant will distribute R26bn ($3.7bn) Black Economic Empowerment (BEE) largesse amongst its employees, education foundations, selected empowerment partners, suppliers and other service providers. Some will be sold to the black public at a discounted price.
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The largest BEE transaction in South Africa to date, the deal will result in Sasol employees holding 4%, the black public 3%, BEE groups selected by Sasol 1.5% and the Sasol Inzalo Foundation holding the remaining 1.5%. In all $3.7bn, or 10% of the company's equity, will be distributed in the deal, which is subject to shareholder ...