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Sasol Sells Stake in Record Deal to Redress Apartheid

Author: Ron Derby, Bloomberg, Published on: 25 March 2008

Sasol Ltd., the oil company that helped shield the apartheid regime from sanctions, will sell $3.2 billion of shares to black investors in South Africa's largest redistribution of wealth since the end of white-minority rule. Sasol, meeting a government target, will sell a 10 percent stake…the company said today in a statement…The deal is twice the size of the previous record involving black investors, set 18 months ago by Impala Platinum Holdings Ltd. It will ease pressure on Sasol from the government, which is pushing companies from banks to gold producers to sell discounted stakes to black investors to help compensate for discrimination under apartheid.

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Related companies: Sasol