adminSasol’s share price lost 40percent of its value in opening trade on Thursday morning.
The share price briefly dipped below R30 —from R470 less than a year ago. Its share price has now lost almost 95percent of its value since April last year.
In a week of stocks crashing across the world, Sasol has been the worst-performing share in all of the emerging markets.
Sasol has been under pressure for many months, due mainly to its disastrous R200 billion Lake Charles chemicals project in the US, which has been hit by large budget overruns and operational problems. The company fired its joint CEOs, Bongani Nqwababa and Stephen Cornell, after a forensic investigation found mismanagement regarding the project. – Fin24.
Online Reporter