Sasol aims at rights issue of up to $2bn in 2021 to cut debt

Group will pursue capital raise in the second half of its 2021 financial year

Saso’s headquarters in Rosebank, Johannesburg. Picture: FINANCIAL MAIL

Sasol had a market value of R91.7bn as of Monday morning, but total debt rose 45% to R189.7bn in its year to end-June. Sasol fell into a R91.27bn loss for its year to end-June, from profit of R6.07bn previously, and intends to pursue the rights offer in the second half of its 2021 financial year. “Financial year 2020, which we indicated would be our peak gearing period, saw our stretched balance sheet come under significant pressure initially with the collapse in the brent crude oil price to 21-year lows and then the onset of the Covid-19 pandemic,” said CEO Fleetwood Grobler.

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