Sasol prepares South Africa’s biggest rights issue in decades
JOHANNESBURG – Sasol Ltd. is preparing for South Africa’s biggest rights issue in two decades after a share-price collapse sparked by cost overruns at its U.S. chemicals project and the plunge in oil prices. The stock slumped, while bonds gained.
The company plans to raise $6 billion by the end of its 2021 financial year, including a share sale of as much as $2 billion, it said in a statement.
It has entered into a standby underwriting agreement with BofA Securities, Citigroup and J.P. Morgan Securities for the rights issue.
Source: iol.co.za
