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South African Breweries to cancel $290 mln in investments due to alcohol ban

Mon, 3rd Aug 2020 15:44

JOHANNESBURG, Aug 3 (Reuters) - South African Breweries
(SAB) is cancelling 5 billion rand ($290 million) 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.
($1 = 17.2467 rand)
(Reporting by Mfuneko Toyana; Editing by Jan Harvey)

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