About Abrina

In accordance with Governments Broad-Based Black Economic Empowerment Codes of Good Practice, Sasol announced on 10th September 2007 its intention to conclude a BEE transaction in order to facilitate the acquisition of an effective 10% interest in its issued share capital. This was termed the Sasol Inzalo BEE Transaction and was valued at R25,9 billion (63,1 million Sasol ordinary shares at a price of R410/share. Inzalo is an expressive term signifying birth, creation of life and new beginnings. The conclusion of the Inzalo deal gave Sasol an effective 19,7% black ownership in terms of the BEE Codes of Good Practice.

The Sasol Inzalo transaction comprised of four legs:

• The Sasol Employee Trusts made up of the Sasol Employee Trust and Sasol Inzalo Management Trust – comprising all Sasol’s employees, black and white, below managerial level, and Sasol’s  black managers and black executive directors.  This leg of the transaction was allocated  4% of issued share capital equating to 25.24 million shares and valued at R10.36bn
• The Sasol Inzalo Foundation was allocated 1,5% of issued share capital, ie,  9.465 million shares valued at R3.885bn
• Selected Black Participants – made of black groups in Sasol’s business as either trade unions, suppliers, customers or franchisees, and broad-based black groups involved in skills development and capacity building.  This category was allocated 9.465 million shares, valued at R3,885 bn
• Black Public Retail Offer – for members of the black public- 3% of issued share capital – R7,770 bn – 18,93 million shares

ABRINA 5604 LTD

In response to the Sasol Inzalo BEE transaction, Abrina 5604 Ltd was established as a Broad-Based Black Economic Empowerment investment holding vehicle to accommodate the franchisees of Sasol filling stations as well as their employees.

Abrina 5604 Ltd was allocated the largest portion of shares in the Selected Participants category: 2 240 437 shares  valued at R820 million at an issue price of R366.  The transaction is a 10 year deal and was concluded on 18 April 2008.

Abrina comprises a grouping of franchisees as well as their employees which have been accommodated in the Abrina Staff Trust.  The franchisee grouping  makes up 62,5% of Abrina whilst the Staff Trust makes up the remaining 37,5% of Abrina.  The franchisee grouping  includes 70 franchisees as shareholders with a 92% make-up of black franchisees.  The Staff trust has 2500 beneficiaries all of whom are employees of the franchisees, as pump attendants, cashiers, managers, merchandisers etc.  The Staff Trust comprises 97% black participation.

Abrina contributed R41m in cash towards the deal with the remainder being funded by a combination of bank and vendor funding and guarantees.  The cash contribution was made by the franchisees, and a portion of which (R15,75million) was lent to the Staff Trust.   Abrina is a truely BBBE investment vehicle with national representation amongst its shareholders and beneficiaries and comprises in excess of 20% black women, 10% black youth and 80% overall black representation.

It is a fully compliant BEE company in terms of the BEE Codes and is managed and run by a Board Of Directors.

Abrina’s strategy is to invest in well established companies with strong cash-flows.  It has the ability to provide cash towards its deal as well as provide substantial value add through its network of over 100 Sasol filling stations and the availability of a pool of skills to draw on from its stakeholders.

BOARD OF DIRECTORS

• Mike Nyoni – Chairman
• Vijay Ramluckan
• Juan Kruger
• Ghandi Badela

Ghandi has gained vast experience in business management including strategic leadership, governance, and project management. He has been an executive in both corporate and entrepreneurial organizations. Ghandi currently serves as non-executive director of Denel Group, and City Power. Ghandi is also Chairperson of Denel Aviation. Ghandi as an entrepreneur has been instrumental in setting up a number successful business ventures. Ghandi is an admitted Advocate of the High Court. Thus, Ghandi brings in a combination of legal, corporate and entrepreneurial experience which is tempered by his maturity.

Vijay started his career in the mining industry, but subsequently left to join the investment banking sector. He initially worked for the Industrial Development Corporation as a Senior Manager involved in project finance, BEE transactions etc. He then joined Future growth Asset Management (part of the RMB Asset Management Group at that time) as a Senior Equities Analyst, involved in the funding of various BEE and infrastructure projects. Vijay then joined the National Empowerment Fund as General Manager – Investment Services and was involved in the initial establishment and capitalisation of the NEF. He has been part of the BEE Commission and has held various Board positions. Presently he consults to various financial institutions, BEE groups and consortia and runs various private businesses.