African oil and gas company SacOil’s (SCL) share price slumped 5.6% on Wednesday morning after an operational update stating that it has sold it Greenhills manganese plant for R7m to workers.
At 11.21am the counter was trading 5.56% lower at 34c after reaching an all-time high of 37c in March last year.
SacOil said the plant was making a loss but reported a R1.67m profit before tax for the twelve months ended February this year.
It added that the sale of the plant will reduce SacOil’s negative monthly cashflow by R200‚000. - I-Net Bridge