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Sasol has signed a sale securities purchase agreement with Azura Power Limited for the divestment of the company’s full shareholding in CTRG, the gas-to-power plant located in Ressano Garcia, Mozambique
The transaction is subject to a number of conditions precedent, which include regulatory approval and the waiver of pre-emption rights held by Electricidade de Mocambique (EDM), the Mozambican state-owned electricity company.
The consideration will be approximately US$145mn and covers the equity and other shareholder claims that Sasol holds in CTRG. This will be subject to any relevant closing adjustments, including those in relation to working capital.
This transaction is part of the Company’s ongoing, strategy aligned, asset divestment programme. In a statement Sasol stated that it remains fully committed to upstream operations in Mozambique, which continue to be integral to Sasol’s strategy.