Sasol considers selling stock, assets after debt surge
JOHANNESBURG – Sasol Ltd., South Africa’s biggest company by revenue, said it may sell assets or stock to ease its financial woes after an oil-price collapse exacerbated a debt burden swelled by a troubled expansion in the U.S.
The fuel and chemicals producer will also seek to reduce operating costs and reschedule some capital expenditure, it said in a statement on Thursday. The group will be within its debt covenants on June 30, its financial year end, as long as oil prices remain at current levels, Sasol said.
“The disruption in the global oil market, coupled with the ongoing impact of Covid-19, has significantly changed the outlook in just a few weeks,” Chief Executive Officer Fleetwood Grobler said. “It is critical that we keep matters within our control by acting quickly and decisively.”
Source: iol.co.za