March 17, 2020 / 6:54 AM / 2 months ago

South Africa's Sasol aims to generate $6 billion to boost balance sheet

JOHANNESBURG, March 17 (Reuters) - South African petrochemicals group Sasol said on Tuesday it aims to generate $6 billion by the end of financial year 2021 through measures, including a potential rights issue and asset sale, as the firm looks to address debt levels after a crash in the price of oil.

Sasol said will accelerate and expand its asset disposal programme, seek a potential partner at Sasol’s U.S Base Chemicals assets, and a potential rights issue, which has been underwritten on a standby basis, subject to the progress made on cash conservation initiatives and asset disposals.

Reporting by Tanisha Heiberg; Editing by Kim Coghill

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