• Future imperfect

    A lack of compassion with ordinary people is crucial to SA’s failures, says Mandi Smallhorne.

  • Will Gordhan be fired?

    An economist ponders the top question concerning those who control international capital flows.

  • Terry Bell's Inside Labour

    The economic policy pendulum seems to be swinging away from laissez-faire to regulation.

All data is delayed
See More

SacOil completes Greenhills sale

Oct 03 2012 12:08
I-Net Bridge

Company Data


Last traded 0
Change 0
% Change -4
Cumulative volume 1610105
Market cap 0

Last Updated: 24-10-2016 at 05:00. Prices are delayed by 15 minutes. Source: McGregor BFA

Related Articles

SacOil falls after R8m share issue

SacOil half-year earnings rocket

SacOil appoints two senior managers


Johannesburg - African oil and gas company‚ SacOil Holdings [JSE:SCL]‚ announced on Wednesday it has successfully disposed of its Greenhills manganese processing plant in SA for a consideration of R7m to a company representing the employees of the plant.

“The sale of the Plant is on an 'as is' and vendor financed basis‚ with the liabilities for employees‚ rehabilitation and environment aspects passing on to the Purchaser. The performance of the plant has deteriorated over the last few years as the requirement for further capital expenditure has become apparent‚” SacOil said in a note on Wednesday.

According to SacOil the plant was making a loss but reported a R1.67m profit before tax for the twelve months to 28 February 2012.

“The sale of the plant will reduce the current monthly negative cashflow costs to SacOil of some R0.2m. It will ensure the continued employment of the personnel while providing empowerment for black employees; enable SacOil management to focus on the core oil and gas business and reduce future potential liabilities‚” SacOil said.

SacOil’s share price slumped 5.6% on Wednesday morning.

At 11:21am the counter was trading 5.56% lower at 34c after reaching an all-time high of 37c in March last year.

*Follow Fin24 on TwitterFacebookGoogle+ and Pinterest.  

sacoil holdings


Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Comments have been closed for this article.

Company Snapshot

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

Do you use all your downloaded apps on your smartphone?

Previous results · Suggest a vote