South African Breweries cancels R2.5bn in investments, as ‘huge job losses’ loom.
South African Breweries (SAB) have confirmed they will be pulling R2.5 billion out of their investment plans for the year ahead – just months after making the same decision to withdraw funding, following the reintroduction of the alcohol ban.
Alcohol was outlawed again at the end of December, in a bid to help ease the burden on South Africa’s overstretched hospitals. SAB have reasoned that longer curfew hours and stricter enforcement of Level 3 rules do enough to help relax the pressure, and they are set to make their arguments against the government in court.
In their official statement, SAB maintains that ‘one million livelihoods’ are now at risk, following this latest round of prohibition – and the financial meltdown it’ll be responsible for.