Union gives thumbs up to Sasol’s turbo-empowerment deal

By Rhodé Marshall
11 September 2007

Trade union Solidarity says they welcome the announcement by Sasol, concerning the largest non-racial worker empowerment deal in South Africa.

“Sasol plans to sell 10% of its shares for R17, 7 billion in a black empowerment transaction. They will make 4% of the shares available to approximately 27 000 employees across the racial spectrum,” says Solidarity Deputy General Secretary, Dirk Hermann.

Hermann says the union supports any form of empowerment and that they are convinced Sasol will benefit from more motivated employees, which will produce improved productivity and better profits for the company.

“Sasol employees will obtain shares worth more than R7 billion. The largest previous plan was Anglo Platinum’s recently announced R3, 3 billion,” says Hermann.

He added that the plan comes at a perfect time, considering the great skills shortage in the country.

“We encourage other South African companies to empower their employees with similar plans,” says Hermann.