The company has withdrawn its cautionary announcement and says if approved by shareholders, Sasol will conclude the transaction, called Sasol Inzalo, in respect of 63.1-million shares as at 18 March 2008.
Using the closing price of Sasol's shares last Tuesday, the shares are worth 410 rand each.
?Inzalo is an expressive word that signifies birth, creation of life and new beginnings,? Sasol said in a notice to the JSE.
In terms of the transaction Sasol employees will hold four percent, the black public three percent, BEE groups selected by Sasol 1.5 percent and the Sasol Inzalo Foundation will hold the remaining 1.5 percent.
Sasol said its employee scheme would broaden ownership in Sasol to almost 27 000 of its employees, 60 percent of whom are black.
For the first time outside the banking industry black South Africans will be given the opportunity to acquire Sasol shares and participate in the company's domestic and international growth.
To make the purchase of its shares accessible Sasol said it intends to meet the needs of different investors through two invitations, one being funded where a small cash contribution is required and one being a cash purchase alternative.
?Sasol has set itself the goal of reaching as many people as possible and hopes that anywhere from 100 000 to 200 000 shareholders will participate through this invitation,? the company said.
In terms of selecting participating BEE groups Sasol said it would look to those currently involved in its business as suppliers, customers, franchisees and unions.
It said it would also consider groups that focus on broader empowerment objectives such as community upliftment projects and women's groups.
?A comprehensive process to identify appropriate partners for this category is nearing completion. 86 BEE groups have already accepted an invitation to participate,? the company said.
Sasol Executive director Nolitha Fakude said the Sasol Inzalo Foundation would focus its efforts on the development of critical skills in maths, science and technology through, among others, artisan training programmes, bursaries, co-operation agreements with tertiary institutions and other sponsorships.
According to Sasol this is the single largest broad-based BEE transaction to date.