TRANSNET SOC LIMITED - BITRA - Transnet Reaches Settlement In The Legal Dispute With Sasol Oil (Pty) Ltd

BITRA - Transnet Reaches Settlement In The Legal Dispute With Sasol Oil (Pty) Ltd

Transnet SOC Limited
(Incorporated in the Republic of South Africa)
(Registration Number: 1990/000900/30)
Issuer Bond Code: BITRA
("Transnet", "the Company" or the "Issuer")


TRANSNET REACHES SETTLEMENT IN THE LEGAL DISPUTE WITH SASOL OIL (PTY) LTD

Transnet refers to the announcement to Noteholders on 20 June 2024 regarding the judgement
of the High Court on 18 June 2024 in the matter of Total Energies Marketing (Pty) Ltd and Sasol
Oil (Pty) Ltd ("SASOL OIL"). In that matter the High Court awarded judgement in favour Sasol
Oil in the amount of R3.9 billion plus interest.

Transnet advised Noteholders that it was appealing the decision of High Court in the Supreme
Court of Appeal (SCA). The application for leave to appeal is currently the subject of a
reconsideration application before the SCA. The effect of this reconsideration application is that
the High Court judgment order, and thus the associated payment by Transnet, remains
suspended.

In August 2024, the High Court heard an action instituted by Transnet against Sasol Oil to recover
an amount of R855 million (excluding VAT plus interest) from Sasol Oil. Judgment in this matter
is still pending.

In parallel to the ongoing litigation, Transnet and Sasol Oil agreed to commence a mediation
process in an attempt to settle the ongoing legal disputes. On 18 May 2025 Transnet and Sasol
Oil reached a settlement approved by the Board on 23 May 2025 in terms of which Transnet will
be making a net payment to Sasol Oil of R4.3 billion (excluding VAT) in full and final settlement
of all the ongoing legal disputes.



Johannesburg

23 May 2025

JSE Debt Sponsor
Absa Corporate and Investment Bank (a division of Absa Bank Limited)

Date: 23-05-2025 05:00:00
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