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SAB withdraws R2.5 billion investment into the country

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SAB has confirmed that it is pulling its R2.5 billion investment into the country, following the recent reintroduction of a national alcohol ban.

The South African Breweries’ (SAB) Vice-President of Finance, Richard Rivett-Carnac was interviewed by local media on Friday, 15 January 2021, to discuss the contentious matter of the company withdrawing its R2.5 billion investment into the country. The investment was initially meant to be dedicated to infrastructure upgrades, which would have resulted in employment opportunities and strengthened the relationship between the state and SAB.

However, following the third alcohol ban, SAB has confirmed its withdrawal of the funds. Rivett-Carnac has claimed that the withdrawal is not a form of retaliation, but a mere reaction to the uncertain times that the state has created.

He further claimed that the company had previously had discussions with the government regarding working together during the pandemic to supply food and personal protective equipment where necessary. He noted that the discussions were never on the alcohol ban, therefore, SAB has no made provisions in that regard.

When asked if SAB would reconsider its decision should the government lift the ban, or amend it to allow SAB to be operational, Rivett-Carnac was non-committal.

Watch the video below.

Sabelo Makhubo
[email protected]

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