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South African brewer suspends commitments on jobs, investment

South African brewer suspends commitments on jobs, investment

THE South African Breweries (SAB) has suspended commitments to retain workers and investments, agreed as part of its merger with Anheuser-Busch InBev, due to the country's decision to ban alcohol sales to curb the coronavirus, it revealed in court papers. South Africa banned alcohol sales late last month as part of tighter restrictions to rein in the spread of COVID-19. SAB has told the South African government that "its obligations have been suspended with effect from the date of the impugned regulations," the company said in court papers filed on Wednesday and seen by Reuters. The conditions of the $106…
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SAB dumps R5-billion investment plans after South Africa alcohol ban

SAB dumps R5-billion investment plans after South Africa alcohol ban

SOUTH African Breweries (SAB) has announced the cancellation of  R5-billion ($290 million) of planned investments as a result of revenue losses sustained during a nearly three-month ban on alcohol sales during the coronavirus crisis. The South African drinks industry has been among the hardest hit by restrictions, which included a ban on the sale of alcohol to the end of May, which was reinstated last month to free up space in hospitals burdened by what officials said were avoidable alcohol-related injuries. "The cancellation of this planned expenditure is a direct consequence of having lost 12 full trading weeks, which effectively…
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