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Sasol yet again delays its results due to Lake Charles project

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The chemicals giant says it has asked for more work to be done in the independent probe into delays at the embattled project

Chemicals giant Sasol, whose share price has almost halved since the beginning of May, yet again delayed the release of financial results on Friday saying it had expanded the scope of a probe into its embattled Lake Charles project in the US.

Sasol’s share price slipped as much as 5%, but pared losses and was down 3.47% to R262.12 as of 10.30am on Friday morning. Since the beginning of May, Sasol’s share price has lost 44.7%.“If I were an investor I would be seriously worried,” said Louw, adding that he would advise waiting for the release of the results before investing in the share.

Most investors were already taking a wait-and-see approach ahead of the release of Sasol's financial results, Anchor Capital investment analyst Seleho Tsatsi said.

 

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