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South African Breweries to cancel $290 mln in…

JOHANNESBURG, Aug 3 – 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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