Sasol Inzalo chairperson Khungeka Njobe
Following hot on the heels of the listing of MTN Zakhele earlier this month, petrochemicals company Sasol’s broad-based black economic-empowerment (BBBEE) fund Sasol Inzalo Public, followed suit on Tuesday – the second company to list on the Empowerment Segment of the JSE this year.
A total of 16 085 199 Sasol Inzalo Public ordinary shares were issued by Sasol Inzalo to 214 404 successful applicants. As of October, 16 085 199 Sasol Inzalo Public ordinary shares held by 206 496 holders remained in issue.
“The listing of Sasol Inzalo is a momentous milestone for our shareholders. It provides existing and prospective shareholders with access to a licensed trading platform and the flexibility of transacting on a world-class stock exchange.
“This is while ensuring that Sasol Inzalo Public ordinary shares are traded exclusively among BBBEE-compliant persons,” said Sasol Inzalo chairperson Khungeka Njobe.
She added that the listing was testament to the BBBEE fund’s commitment to its shareholders and to complying with all regulatory requirements.
Speaking to Engineering News Online, Njobe said she did not view the listing of MTN Zakhele and other similar future listings as competition, but welcomed these listings.
“We are broadening the opportunities for black people to participate in companies that are significant players on the JSE. Many of our shareholders also hold shares in other companies.”
She added that she hoped to see more listings in the new year. “It would be good to see dynamism. The big thing about empowerment is demystifying the JSE, making the JSE less daunting,” she stated.
Njobe further pointed out that the listings would also raise the participation of black people on the JSE, which currently was not sufficient. “This is deepening the empowerment process.”
JSE marketing head Mpho Ledwaba, meanwhile, told Engineering News Online that the bourse looked forward to welcoming more listings on its Empowerment Segment, noting that the “idea is to get as many schemes to list on the JSE. We have gone to great lengths to create this platform”.
He would not speculate on how many companies would engage in listings on the Empowerment Segment or which company would list next.
Sasol Inzalo was established in 2008 to allow previously disadvantaged South Africans an opportunity to acquire an interest in the company and to share in Sasol’s success. This included black South Africans, BBBEE-owned companies, and BBBEE-controlled companies.
Sasol Inzalo Public indirectly owned 2.4% of Sasol’s total issued share capital.