Sasol Disposes of its Investment in the Iranian Joint Venture Arya Sasol Polymer Company ("Arya")
Johannesburg (ots/PRNewswire)
On 16 August 2013, Sasol Investment Company (Pty) Limited, a wholly owned subsidiary of Sasol, entered into a definitive sale and share purchase agreement pursuant to which Main Street 1095 (Pty) Limited, a South African subsidiary of an Iranian investor, completed and effected the acquisition of 100% of the shares of SPI International (Pty) Limited ("SPII")("Transaction"). SPII is the indirect owner of a 50% interest in Arya.
As described in our most recent trading statement of 1 August 2013, the fair value of Sasol's investment in Arya was written down to R2,3 billion. This was based on our assessment of the fair value of Arya as well as the accounting requirement to recognise operating profits of approximately R1,6 billion for the second half of the 2013 financial year.
As a result of this Transaction, Sasol has no on-going investment in Iran.
Forward-looking statements: Sasol may, in this document, make certain statements that are not historical facts and relate to analyses and other information which are based on forecasts of future results and estimates of amounts not yet determinable. These statements may also relate to our future prospects, developments and business strategies. Examples of such forward-looking statements include, but are not limited to, statements regarding exchange rate fluctuations, volume growth, increases in market share, total shareholder return and cost reductions. Words such as "believe", "anticipate", "expect", "intend", "seek", "will", "plan", "could", "may", "endeavour" and "project" and similar expressions are intended to identify such forward-looking statements, but are not the exclusive means of identifying such statements. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and there are risks that the predictions, forecasts, projections and other forward-looking statements will not be achieved. If one or more of these risks materialise, or should underlying assumptions prove incorrect, our actual results may differ materially from those anticipated. You should understand that a number of important factors could cause actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements. These factors are discussed more fully in our most recent annual report under the Securities Exchange Act of 1934 on Form 20-F filed on 12 October 2012 and in other filings with the United States Securities and Exchange Commission. The list of factors discussed therein is not exhaustive; when relying on forward-looking statements to make investment decisions, you should carefully consider both these factors and other uncertainties and events. Forward-looking statements apply only as of the date on which they are made, and we do not undertake any obligation to update or revise any of them, whether as a result of new information, future events or otherwise.
About Sasol:
Committed to excellence in all we do, Sasol is an international integrated energy and chemical company that leverages the talent and expertise of our more than 34 000 people working in 38 countries. We develop and commercialise technologies, and build and operate world-scale facilities, to produce a range of product streams, including liquid fuels, chemicals and electricity.
While continuing to support our home-base of South Africa, Sasol is expanding internationally based on a unique value proposition, which links our diverse businesses into an integrated value chain supported by top-class functions.
Issued by: Alex Anderson, Group Media Manager Direct telephone +27(11)441-3295; Mobile +27(0)71-600-9605; alex.anderson@sasol.com Jacqui O'Sullivan, GM: Group Communication Direct telephone +27(11)441-3252; Mobile +27(0)82-883-9697; jacqui.osullivan@sasol.com