Data provided by iNet BFA
Loading...
See More

SacOil completes Greenhills sale

Oct 03 2012 12:08 I-Net Bridge

Company Data

SACOIL HOLDINGS LIMITED [JSE:SCL]

Last traded 0.59
Change 0
% Change 0.00
Cumulative volume 331509
Market cap 1.82bn

Last Updated: 01/08/2014 at 11:15. Prices are delayed by 15 minutes. Source: McGregor BFA

Related Articles

SacOil falls after R8m share issue

SacOil half-year earnings rocket

SacOil hit by losses

SacOil starts trading on AIM

Share price volatility dogs SacOil

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
NEXT ON FIN24X

 
 
 

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
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're talking about:

Small Business

A cash flow crunch often occurs in small businesses trying to balance cash coming in with cash going out. Watch this video to help you improve.
 
 

No need to keep up with the Joneses

Fin24 users provide their own personal tips on how to save money instead of trying to keep up with the Joneses.

 
 

Start saving...

Where can you stash your cash?
Time the key for retirement saving
Dummy's guide to saving
Save money with affordable account

Money Clinic

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