South African Breweries cancels $165 million investment after latest alcohol ban

📆 2021/01/16 3:10:00
📰 Reuters

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South African Breweries, part of Anheuser-Busch InBev, has cancelled a further 2.5 billion rand ($165 million) of investment earmarked for 2021 following a third local ban on alcohol sales in the country, it said on Friday.

SAB’s cancelled investments in South Africa in relation to the ban now total 5 billion rand. In August, the maker of Carling Black Label and Castle Lager beer cancelled 2.5 billion rand of planned expenditure following a second alcohol ban.

As a result, more than 165,000 people in South Africa have lost their jobs and about 30% of local breweries have been forced to shut their doors permanently.

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