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Sasol Sells 30% Stake in Mozambique Gas Pipe for $361 Million

May 14 2021, 8:06 PM
May 14 2021, 12:11 PM
May 14 2021, 8:06 PM
(Bloomberg) Sasol Ltd. agreed to sell a 30% stake in a natural gas pipeline running from Mozambique to South Africa for as much as 5.1 billion rand ($361 million) in order to pay down debt.
(Bloomberg) Sasol Ltd. agreed to sell a 30% stake in a natural gas pipeline running from Mozambique to South Africa for as much as 5.1 billion rand ($361 million) in order to pay down debt.
The deal rounds out an accelerated asset-sale program that has helped Sasol reduce borrowings that ballooned amid cost overruns at a giant U.S. chemicals project and call off a proposed $2 billion share sale. The company started hunting for a buyer for its pipeline shares last year as it examined ways to bolster its finances amid mounting pressure from creditors. ....

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Sasol nets $361 million on Mozambique pipeline stake sale

Sasol nets $361 million on Mozambique pipeline stake sale
worldoil.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from worldoil.com Daily Mail and Mail on Sunday newspapers.

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Sasol sells 30% stake in Mozambique pipeline for R5.1bn

Sasol sells 30% stake in Mozambique pipeline for R5.1bn
Sandton-based Sasol has agreed to sell a 30% stake in a pipeline running from Mozambique to South Africa. The pipeline, which carries natural gas, was sold to a group of buyers – including a unit of Old Mutual, reports Bloomberg. The R5,1 bn sale price will go towards the energy company paying down debt. Sasol will continue to operate the 865 km pipeline, will retaining a 20% stake. The other 50% is owned in equal parts by the Mozambican and South African governments, through SOEs. The sale follows the company’s continued commitment toward reducing debt incurred in a US chemicals project. – Jarryd Neves ....

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Sasol sells 30% stake in Mozambique gas pipe for R5.1bn

MONEYWEB
app instead?
As it shores up funds to pay down debt.
By Paul Burkhardt, Bloomberg
14 May 2021
09:50
Image: Waldo Swiegers/Bloomberg
Sasol agreed to sell a 30% stake in a natural gas pipeline running from Mozambique to South Africa for as much as R5.1 billion ($361 million) as it shores up funds to pay down debt.
The deal is part of an accelerated asset-sale program thatâll help Sasol reduce borrowings that ballooned amid cost overruns at a giant US chemicals project. The company started hunting for a buyer for its pipeline shares last year as it examined ways to bolster its finances amid mounting pressure from creditors. ....

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Sasol Calls Off Proposed $2 Billion Share Sale, Profit More Than Triples

Sasol Calls Off Proposed $2 Billion Share Sale, Profit More Than Triples
Bloomberg
2/22/2021
Paul Burkhardt
(Bloomberg) Sasol Ltd., the South African chemicals and fuel maker, called off a potential $2 billion share sale and announced first-half profit more than tripled. The shares hit the highest in a year.
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The company has raised enough cash through asset disposals and cost savings to reduce debt and avoid a rights offer.
“A decision was made not to pursue a rights issue given the current macroeconomic outlook, and the significant progress made on our response plan initiatives,” Sasol said in a statement Monday. “The balance sheet deleveraging pathway will continue to be prioritized to ensure that we operate within our financial covenants.” ....

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