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South African Breweries to cancel R5bn in investments due to alcohol ban

The cancellation of this planned expenditure is a direct consequence of having lost 12 full trading weeks, according to the firm’s vice-president of finance.

Image: 123rf

JOHANNESBURG - South African Breweries (SAB) is cancelling R5 billion of planned investments over the revenue losses it has suffered due the near 3-month coronavirus ban on alcohol sales, the brewer said in a statement on Monday.

“The cancellation of this planned expenditure is a direct consequence of having lost 12 full trading weeks, which effectively equates to some 30% of SAB’s annual production,” said the firm’s vice-president of finance Andrew Murray.

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