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Sasol in black empowerment move

By BBC| 2008

South African energy and mining giant Sasol has announced the final details of the Black Economic Empowerment (BEE) sale of a 10% stake in the business. Sasol said it would sell 63.1 million shares worth 25.9bn rand ($3.19bn; £1.6bn) to black staff and investors, in the country's largest BEE deal. First proposed in September of last year, the deal is expected to be passed at a shareholders meeting on 16 May. The government-backed BEE scheme aims to increase black economic ownership. Image overhaul "We will make a difference by creating significant economic opportunity for more than one million potential beneficiaries ranging from individuals to rural women's groups who can invest in Sasol," said chief executive Pat Davies. Under Sasol's BEE proposal, black employees will be eligible for 4% of shares in the company. In addition, a 1.5% stake is being marked for black investor groups, 3% for black members of the public and 1.5% for a new charity foundation. Sasol's image has traditionally been of a white, male-dominated corporation that grew rich during the apartheid years and therefore was often targeted by anti-apartheid campaigners for sanctions. But since Mr Davies took the post of chief executive two years ago, the company has undergone a rapid pace of change, with more diversity apparent in senior management.

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