South Africa's Sasol drops plans for rights issue

  • Reuters
  • Stock Market News
South Africa's Sasol drops plans for rights issue
Credit: © Reuters.

JOHANNESBURG, Feb 22 (Reuters) - South African petrochemical firm Sasol SOLJ.J on Monday it had decided not to pursue a rights issue of up to $2 billion after significant progress in its turnaround strategy.

"A decision was made not to pursue a rights issue given the current macroeconomic outlook, and the significant progress made on our response plan initiatives," the company said.

The company reported half-year earnings rose to 15.3 billion rand ($1.04 billion) from 4.5 billion rand in the prior period.

($1 = 14.7297 rand)

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