Sasol Inzalo Shares: What Happened and What You Can Do Now
Complete guide for South African investors
Last updated: November 2025
Table of Contents
What Happened to Sasol Inzalo Shares
The Beginning (2008)
Sasol Inzalo started in September 2008. It was one of South Africa’s biggest BEE deals. The goal was to give Black South Africans a chance to own part of Sasol.
More than 250,000 people invested. They included Sasol employees, the public, and community groups. It was worth R28 billion when it started.
What Went Wrong
Most people borrowed money to buy the shares. They hoped Sasol’s share price would grow enough to pay back the loans. But things did not work out as planned.
Why Inzalo Failed:
- Oil prices dropped from $143 to $55 per barrel
- Sasol’s share price did not grow as expected
- High interest rates made the debt grow
- Dividends were not enough to cover the loans
The End (2018)
Sasol Inzalo ended in September 2018 after 10 years. Most shareholders got little or no money back. Sasol paid off the bank debts for them.
Some people who bought Inzalo Public shares got R85.63 per share. But after paying back loans, many got nothing. Employees who got shares for free did better.
✅ Your Investment Options Now (2025)
Sasol Inzalo is over. But you still have ways to invest in Sasol’s BEE schemes. There are two options available today:
Option 1: SOLBE1 Shares
These are Sasol BEE Ordinary shares. You can buy and sell them on the JSE. They work just like normal Sasol shares. You get dividends. You can trade them anytime.
SOLBE1 Quick Facts:
- Current price: Around R66 per share (November 2025)
- You can trade them on the JSE BEE segment
- Only Black South Africans can buy them
- You get the same dividends as normal shares
- They trade at a slight discount to SOL shares
Option 2: Sasol Khanyisa
This is Sasol’s new BEE scheme. It started in 2018 to replace Inzalo. It will run until 2028. Most people got into it through the old Inzalo scheme.
Khanyisa shares are not tradable now. In 2028, they will convert to SOLBE1 shares. Then you can sell them if you want.
SOLBE1 Shares Explained
What Are SOLBE1 Shares?
SOLBE1 stands for “Sasol BEE Ordinary” shares. These are special Sasol shares for Black South African investors. They give you ownership in Sasol Limited.
Key Differences: SOLBE1 vs SOL
| Feature | SOLBE1 | SOL |
| Who can buy | Black South Africans only | Anyone |
| Where it trades | JSE BEE Segment | JSE Main Board |
| Price | Around R66 | Around R122 |
| Dividends | Same as SOL | Standard |
Why SOLBE1 Is Cheaper
SOLBE1 shares cost less than normal Sasol shares. This is because fewer people can buy them. There are fewer buyers and sellers in the market.
But you get the same dividends as SOL shareholders. The company treats both types of shares equally. You have the same voting rights too.
Who Qualifies to Buy SOLBE1
You must be a “BEE Compliant Person” as defined by South African law. This means you must be Black South African. You need to prove this when you buy.
Your stockbroker will verify your status. Computershare is the BEE Verification Agent for Sasol. They check that buyers qualify before trades go through.
📊 Sasol Khanyisa Programme
What Is Khanyisa?
Khanyisa replaced Sasol Inzalo in 2018. It is worth R21 billion. The name means “illuminate” in Zulu. It aims to give Black South Africans 25% ownership of Sasol South Africa.
About 230,000 people are part of Khanyisa. Most were part of the old Inzalo scheme. They got Khanyisa shares for free when Inzalo ended.
How Khanyisa Is Different
Khanyisa learned from Inzalo’s mistakes. It works differently to protect investors:
- No bank loans: Sasol provides the funding itself
- Better structure: It owns Sasol South Africa, not just shares
- Dividend focus: Dividends pay down the debt, not share price growth
- More flexible: Can settle early if possible
- Trickle dividend: You get 2.5% of dividends along the way
When Does Khanyisa End?
Khanyisa will end in 2028. That is 10 years after it started. If the debt is paid off earlier, it could end sooner.
When it ends, your Khanyisa shares will convert to SOLBE1 shares. You can then trade them on the JSE. You can keep them or sell them. The choice is yours.
How to Buy SOLBE1 Shares
Step-by-Step Process
Step 1: Choose a Broker or Bank
You need a stockbroker or bank that trades on the JSE. These are your options:
- Standard Bank (Online Share Trading)
- FNB (Share Investing)
- ABSA (Stockbrokers & Portfolio Management)
- Capitec (Invest)
- Nedbank (Nedbank Share Investor)
- EasyEquities (online platform)
Step 2: Open a Trading Account
You will need to provide:
- Your ID document or passport
- Proof of address (not older than 3 months)
- Bank account details
- Tax number
Step 3: Get BEE Verification
Your broker will verify that you qualify to buy SOLBE1 shares. Computershare handles this verification. It usually takes a few days.
Step 4: Fund Your Account
Transfer money to your trading account. Most brokers need a minimum of R1,000 to start. Some accept as little as R100.
Step 5: Place Your Order
Search for “SOLBE1” on your trading platform. Enter how many shares you want. Review the cost. Then confirm the order.
Step 6: Wait for the Trade
SOLBE1 shares have lower trading volumes. Your order might take time to fill. Be patient. Do not panic if it does not happen immediately.
⚠️ Trading Tip: SOLBE1 shares trade less than normal Sasol shares. Sometimes there are no sellers. Your buy order might sit for days or weeks before it fills.
💰 Costs and Requirements
Trading Costs
| Cost Type | Amount |
|---|---|
| Brokerage fee | 0.25% – 1% of trade value |
| STT (Securities Transfer Tax) | 0.25% on purchases |
| JSE charges | Small fee (usually under R10) |
| Account fees | R0 – R50 per month |
| Minimum investment | R100 – R1,000 (depends on broker) |
Example: Buying R5,000 of SOLBE1
Share price: R66 per share
Number of shares: 75 shares (R4,950)
Brokerage (0.5%): R24.75
STT (0.25%): R12.38
Other charges: R5
Total cost: R4,992.13
Tax You Must Pay
Dividend Tax: When Sasol pays dividends, you pay 20% tax. The company takes it before you get your money.
Capital Gains Tax: When you sell shares for profit, you pay tax. The rate is 18% to 40% depending on your income. Your first R40,000 profit each year is tax-free.
🚨 Risks and Warnings
Investment Risks
1. Share Price Can Fall
Sasol’s share price goes up and down. It fell from R400 to R122 between 2014 and 2025. You could lose money.
2. Low Liquidity
SOLBE1 shares trade less than SOL shares. It might be hard to sell when you want. You might wait weeks for a buyer.
3. Oil Price Impact
Sasol’s profits depend on oil and gas prices. When oil prices fall, Sasol shares usually fall too.
4. Currency Risk
Sasol earns money in US dollars but pays dividends in Rand. Exchange rate changes affect your returns.
5. No Guarantees
Past performance does not predict future results. Just because Inzalo failed does not mean SOLBE1 will fail. But it is not guaranteed to succeed either.
Common Scams to Avoid
❌ “Buy Sasol Inzalo shares now!”
Inzalo ended in 2018. Anyone claiming to sell Inzalo shares is lying. This is a scam.
❌ “Pay me to help you claim Inzalo money”
If you were owed money from Inzalo, it was paid in 2018. No one can help you claim it now. Do not pay anyone for this “service”.
❌ “Guaranteed returns on SOLBE1”
No investment guarantees returns. Anyone promising specific returns is probably a scammer.
❌ “Buy Khanyisa shares before they list”
Khanyisa shares are not for sale. They were given to old Inzalo shareholders for free. You cannot buy them.
🚨 REMEMBER: Only use licensed stockbrokers registered with the FSCA. Check the FSCA register at www.fsca.co.za before you invest.
📞 Important Contact Details
Sasol Investor Relations
Website: www.sasol.com
Email: [email protected]
Phone: +27 (0) 10 344 8052
Computershare (Share Registrar)
For SOLBE1 verification and trading:
Call Centre: 0800 000 222 (toll-free)
International: +27 (0) 11 370 7700
Email: [email protected]
JSE Investor Services
For share ownership queries:
Toll-free: 0800 800 010
International: +27 (0) 11 713 0800
Email: [email protected]
Financial Sector Conduct Authority (FSCA)
For complaints about brokers or scams:
Toll-free: 0800 110 443
Email: [email protected]
Website: www.fsca.co.za
Sasol Khanyisa Information
Website: www.sasolkhanyisa.com
Email: [email protected]
Our Final Recommendations
Should You Invest in SOLBE1?
SOLBE1 shares can be a good investment for qualified investors. But only invest money you can afford to lose. Share prices go up and down.
Do your research first. Understand how Sasol makes money. Check their financial reports. Look at oil price trends. Do not invest based on what happened with Inzalo.
If You Have Khanyisa Shares
Hold them until 2028. They cannot be sold now. When they convert to SOLBE1, you can decide whether to keep or sell them.
Keep your contact details updated with Computershare. Make sure they have your correct address, phone number, and bank details.
Protect Yourself
Only use licensed brokers. Never pay someone to “help” you access your shares. The official services are free.
If something sounds too good to be true, it probably is. Report scams to the FSCA immediately.
Disclaimer: This information is provided for educational purposes and was last updated in November 2025. Financial regulations, fees, share prices, and requirements may change. Sasol Inzalo ended in 2018 and no longer exists. Always verify current information with official sources before making investment decisions. Past performance does not guarantee future results.
For investment advice, consult a licensed financial adviser. For complaints about brokers or scams, contact the Financial Sector Conduct Authority (FSCA) at 0800 110 443 or visit www.fsca.co.za
Good day I would like to sell my Sasol Inzalo Shares please who do I contact