Flash Briefing: Sasol sells key asset; New Covid-19 strains cause panic in Africa and around the globe

  • Sasol has agreed to sell its stake in a 175-megawatt gas-fired power plant in Mozambique to Azura Power for about R2bn as part of an accelerated disposal program to pay down debt. It will sell its 49% shareholding in the Central Termica de Ressano Garcia plant. Sasol has yet to announce a winning bidder for its stake in the Rompco natural-gas pipeline that runs from Mozambique to South Africa. Sasol expects the completion of about R51bn in asset sales by the end of the financial year as part of an effort to raise R87bn.
  • The National Department of Health and the Solidarity Fund have announced that a down payment of R283m has been made to Gavi (the Vaccine Alliance) to secure South Africa’s entry into the Covax facility. The down payment represents 15% of the total cost of securing access to vaccines for 10% of the population or roughly six million people. This comes as South Africa’s private hospitals in the Western Cape are sending patients to public facilities as healthcare services buckle under the pressure of a surge in Covid-19 infections, driven by a new strain of the virus. The western Cape has seen 2503 hospital admissions of which 323 are in ICU or high care.
  • In neighbouring Namibia visits to all public hospitals around the country have been suspended given the rise in Covid-19 infections. Namibia’s active Covid-19 cases stood at 3,075 yesterday. 164 patients were hospitalised and 30 were in intensive care units, reports the Namibian Sun. US stocks wavered in early trade today as investors weighed climbing Covid-19 infection levels, the rollout of vaccines and measures to curtail the spread of a new strain of the virus. The number of infections in the US has surpassed 18 Million. Much of the stock market has lost steam this week as countries took steps to restrict travel in an effort to contain the emergence of a fast-spreading variant of coronavirus from England. The UK imposed restrictions on social and business activity, prompting concern that more countries may also adopt measures that would affect economic recovery. Panic over the new mutant strain of Covid-19 caused £30bn to be wiped off the value of the UK’s biggest companies. Today the FTSE 100 index has recovered just 0.4 percent and stands at 6,444.
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