Sasol exits from Iranian joint venture

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”).  SPII is the indirect owner of a 50% interest in Arya.

The fair value of Sasol’s investment in Arya was written down to R2,3 billion.  This was based on Sasol’s 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.  The transaction completes the sale of Sasol’s stake in Arya. Sasol currently has no on-going investment in Iran.