Tag: chemicals company
Sasol’s share price spiked more than 12 per cent today following the stepping down of the joint chief executives, Bongani Nqwababa and Stephen Cornell. The chemicals company is trying to restore business confidence after a review of the company’s Lake Charles Chemicals project in the United States and a decrease in adjusted earnings for the year ended in June. The US project was initially expected to cost $8.9 billion but that 2014 forecast has since been revised to as much as $12.9 billion. Sasol also scrapped dividends to strengthen its balance sheet. Fleetwood Grobler, President and CEO designate, and Paul Victor, the CFO join CNBC Africa for more.