Sasol Inzalo Public to list on JSE
Sasol Inzalo Public, which was established through energy and chemicals company Sasol’s largest broad-based black economic-empowerment (BEE) transaction, intends to list on the BEE segment of the JSE’s main board.
The R26-billion transaction has given over 290 000 previously disadvantaged South Africans the opportunity to own a part of Sasol and benefit from its success.
If approved by the JSE, Sasol Inzalo Public shareholders would be approached for the approvals required to enable a listing. This includes black South Africans, broad-based BEE- (BBBEE-) owned companies and BBBEE controlled companies.
Sasol Inzalo Public indirectly owned 2.4% of Sasol’s total issued share capital. “The proposed listing on the JSE will provide existing and prospective holders of ordinary shares with access to a licensed trading platform with the benefits of a globally recognised stock exchange in a regulated environment,” the company said in a statement.
The shares would be traded exclusively among BEE-compliant persons.
The decision to list was taken after the Financial Services Board noted that it would no longer allow existing single counter trading mechanisms to continue operating without a licence under the Financial Markets Act 2012.
Sasol Inzalo Public was granted an exemption to operate its existing trading mechanism until November 30.
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