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South Africa: Sasol plans rights issue
Heavily indebted Sasol has announced a recovery plan including a rights issue, cost cutting and asset sales, with the aim of generating $6bn by mid-2021. Sasol ran into trouble last year with cost overruns at the Lake Charles chemicals project in Louisiana and has seen its share price fall sharply in the past month as the oil price collapsed.Sasol announced on 17 March that it was looking at cost-saving measures aimed at generating $2bn of savings, accelerated asset sales, and a potential rights issue to raise up to $2bn by end-June 2021.
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