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

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.

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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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