Sasol’s record share plunge on Monday, coming as the oil price slumped and just days after the company credit rating was cut to junk by Moody’s Investors Service, is raising concern among investors that it may need to hold a rights offer as it struggles with a debt burden of about $8-billion. The fuel and chemicals producer, South Africa’s biggest company by sales, delayed an investor call scheduled for Tuesday until March 17, noting that its oil price exposure for the rest of the fiscal year is not hedged. While the company has assumed oil will stay in a range of $50 to $70 a barrel, Brent crude fell as low as $31 on Monday. Its stock fell 47% by the close in Johannesburg, giving it a market value of R53-billion.
