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SAB pulls plug on R2,5bn investment

South African Breweries (SAB) will no longer be investing R2,5 billion in its annual capital and infrastructure upgrade programme this year.
The brewer said this is a consequence of the Covid-19 lockdown-induced ban on liquor sales for the past 12 weeks. It has effectively lost 30 percent of its annual production. SAB vice president of finance Andrew Murray says the company has been hard-hit by the lockdown and its stringent regulation on the sale of alcohol.
“This decision is a result of the first, and current, suspension of alcohol sales which has led to significant operating uncertainty for ourselves, our partners, as well as colleagues in the industry, including participants in the entire value chain, and which impacts over one million livelihoods across the country,” he said.
— Moneyweb