Sat, 29 Feb 2020

Sasol to list on secondary A2X exchange

27 Jan 2020, 22:14 GMT+10

Global chemicals and energy company Sasol [JSE:SOL] is set to list on the secondary A2X exchange on February 3, the group said in a shareholder notice issued on Monday.

The listing will bring the total number of securities on the stock exchange to 34. The A2X is a licensed stock exchange which provides secondary listings for companies. It has been operational since October 2017.

Sasol will retain its primary listing on the Johannesburg Stock Exchange, and its listing on the New York Stock Exchange. "Its issued share capital will be unaffected by the secondary listing on A2X," the group assured.

In a separate statement issued by the A2X on Monday, Sasol Group Chief Financial Officer Paul Victor said the decision to list on the A2X is a way to increase value for shareholders by providing them with a "variety of trading venue options".

A2X CEO Kevin Brady welcomed Sasol's listing, saying it is a "well known and iconic" company.

Sasol shares, which opened at R262.90 on Monday, were trading nearly 2% lower at R259.50 by 09:36 on the JSE.

In its latest trading update, issued last week, the petrochemicals group said it is investigating an explosion at its Lake Charles Chemical Project in the US which took place earlier this month. Sasol has lost a third of its value over the past year, over concerns about the project, which has suffered from cost overruns and led to the resignations of joint CEOs Bongani Nqwababa and Stephen Cornell in October 2019.

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