Sasol shares plunge as company delays results over control weaknesses

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Company says report found Lake Charles chemicals project control weaknesses

16 August 2019 - 09:24Sasol, which has been grappling with major cost overruns at its Lake Charles chemicals project in the US, says it will have to delay the release of its full-year results after a probe found “possible LCCP control weaknesses”. The energy company’s shares responded by falling 15.4% to R235.25 in early trade on Friday, the worst level since 2007.

A preliminary report “contains observations which point to possible LCCP control weaknesses”, Sasol said on Friday. Meanwhile, the company’s auditors had to consider these assessments, meaning the board now expected to announce the 2019 financial results on September 19. The group said in July that because of the impairments, full-year group earnings per share probably plunged between 46% and 56%.

 

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